ABO Wind has reported a 5% increase in net profit to nearly €14m in 2021, compared with 2020.
The group’s net profit of €13.8m for 2021 is at the upper end of its forecast range.
ABO Wind said it is also “well on track” for the current year and expects a result comparable to 2021.
The company generated revenues totalling €127m in 2021, compared with €149m in 2020.
Germany contributed to half ABO’s revenues last year.
Total output from revenues and changes in inventories exceeded €187m in 2021, compared with €169m in 2020.
ABO Wind managing director Karsten Schlageter said: “Price increases and delivery delays continue to pose challenges for us.
“But we expect to keep the impact on our business well under control. However, uncertainty has grown due to the war in Ukraine.
Although ABO Wind is not active in Russia nor in Ukraine, Schlageter said that increasing bottlenecks in raw materials could raise pressure on supply chains.
He added: “In the medium and long term, however, the prospects for renewable energies worldwide are better than ever.
“Once again, the humanitarian catastrophe on the eastern edge of Europe emphasises the urgency to abandon the use of fossil fuels as soon as possible.”
Overall, ABO’s pipeline of projects under development has grown to around 19GW, which includes wind and solar projects outside Europe, especially in Africa, Latin America, and Canada.
The large number of projects under development as well as the company’s financial resources enable ABO Wind to make a “significant contribution” to the accelerated development of a sustainable renewable energy supply.
Equity has grown to almost €150m.
In addition, equity-like funds from profit participation rights and a subordinated bond amount to around €54m.
Also, available debt capital has grown, with ABO Wind using the financial flexibility to speed up implementation of an 86MW turnkey wind energy project in Finland.
Commissioning of Pajuperänkangas wind farm is scheduled for 2023.
Before the conclusion of project financing, ABO Wind had already made a down payment on the wind turbines, securing the delivery next year.
“With this, we have moved into new dimensions. We also want to start the turnkey realisation of large projects in Spain soon,” said Schlageter.