Renewables help Abengoa Yield to double 9-mo adjusted EBITDA

Abengoa Yield Plc (NASDAQ:ABY) on Friday announced a 114% year-on-year jump in further adjusted EBITDA for the first nine months of 2015 following a solid performance from its renewable energy business.

Further adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), including unconsolidated affiliates, surged to USD 483.4 million from USD 226.4 million. The renewables arm contributed some USD 322.1 million of that, compared to USD 104.7 million a year back.

The particular segment’s revenues soared to USD 397.8 million from USD 129.9 million as renewable energy production jumped by 184% on the year to 2,041 GWh thanks to the contribution of recently purchased assets and the successful ramp-up of existing ones.

The yieldco unit of Spanish engineering and renewables firm Abengoa SA (BME:ABG) thus turned to a net profit attributable to the parent company of USD 25.2 million, versus a loss of USD 13.8 million a year earlier. Cash available for distribution (CAFD) rose to USD 141.7 million from USD 28.1 million.

As at the end of September 2015, Abengoa Yield held stakes in renewable energy assets with a combined capacity of 1,441 MW. The company also has interest in conventional power plants and electricity transmission lines.

(USD 1.0 = EUR 0.929)

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