Swedish wind co Arise posts wider Q1 loss

Swedish onshore wind farm developer Arise AB (STO:ARISE) saw its consolidated net loss expand to SEK 288 million (USD 30m/EUR 26.7m) in the first quarter of 2019 from SEK 13 million a year ago.

The wider loss mainly reflects the company’s participation in associate Sirocco Wind Holding AB, the owner of the 213-MW Jadraas wind farm in Sweden. Arise and its partner Sydvastanvind AB sold the particular entity to The Renewables Infrastructure Group (TRIG) at the end of February. For the Swedish firm, the sale resulted in a non-cash loss of SEK 272 million.

Without the loss from associates, Arise’s bottom line was at breakeven, as compared to a net loss of SEK 13 million in the first quarter of 2018. Its adjusted operating profit in the three months, which excludes associates, came at SEK 21 million, up from SEK 12 million a year before. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, came at SEK 40 million, an increase from SEK 30 million.

First-quarter net sales improved to SEK 81 million from SEK 55 million. The average income from the company’s own power production totalled SEK 475 per MWh, decreasing from SEK 522/MWh, of which SEK 363 per MWh came from the sale of electricity. Production from Arise’s own wind power operation increased to 103 GWh from 76 GWh.

At the end of March, Arise’s installed capacity was 240.7 MW, while its project portfolio includes over 900 MW in Sweden and around 70 MW of schemes “in an active phase” in Scotland.

(SEK 1.0 - USD 0.104/EUR 0.093)

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