March 23 (Renewables Now) - The renewables division of German utility EnBW (ETR:EBK) has recorded a 12.3% year-on-year increase in adjusted EBITDA for 2017 to EUR 331.7 million (USD 409.2m).
The share of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the company’s total adjusted EBITDA was 15.7%. The German firm said on Thursday that the results were improved thanks to its higher wind power output, which was partly offset by a drop in generation of its run-of-river hydropower plants (HPPs), due to lower water levels, and a decrease in power prices.
The Renewable Energies division had 3.4 GW of installed capacity at the end 2017, expanding from 3.1 GW a year earlier, and accounted for 26% of EnBW’s total installed capacity at end-2017.
Last year, the German utility put on stream 204 MW of onshore wind parks, boosting its operational onshore wind fleet to 540 MW. It also started building 609 MW of offshore plants and switched on 29 MW of solar capacity. Overall, investment in renewables jumped to EUR 706.4 million last year from EUR 294.7 million a year before.
EnBW closed 2017 with a net profit attributable to shareholders of EUR 2.1 billion, against a loss of EUR 1.8 billion in 2016. Thanks to increasing revenues and the expansion of renewables, it recorded its first increase in adjusted EBITDA since 2010 to EUR 2.11 billion.
For this year, EnBW anticipates “a continuation of the positive earnings trend,” and said it will aim to achieve an up to 5% increase in adjusted EBITDA, or at least “hold it stable”.
“We aim for substantial growth of our company by 2025 and are setting ourselves clear, measurable targets to that end,” said CEO Frank Mastiaux.
(EUR 1.0 = USD 1.234)