Eolus Wind reported a rise in profitability in the third quarter of 2023.
The Swedish developer achieved EBIT of SEK159m (€13.9m) compared to a SEK8m loss for the same period in 2022.
During the quarter Eolus made an investment decision for the 100MW battery storage project Pome in US and signed an agreement regarding supply of a battery energy storage system.
It also submitted the permit application to the government and the Land and Environment Court for the 1000MW Västvind wind power project located west of Gothenburg.
In addition, Eolus initiated a strategic review of its offshore wind power business.
Since the quarter ended, an arbitration award in a case regarding the Kråktorpet and Nylandsbergen wind projects was announced.
The firm said the decision positively affected Eolus’s pre-tax profit for the third quarter with SEK85m.
However, cash flow will be negatively affected by SEK28m in the fourth quarter.
Furthermore, Eolus signed a letter of intent with Volvo Cars for collaboration on the Västvind offshore project and has submitted the permit application to the government for the 1400MW offshore wind project Arkona off Sweden’s southern coast.