Danish renewables developer European Energy made a profit of more than €18m in the first quarter of 2019, up from just over €2m in the same period last year, on the back of the sale of two wind farms.
The sales brought in revenue of €114.9m, with a further €9.7m from the sale of electricity bringing total revenue in the period to over €125m, compared with almost €10.2 in the first three months of 2018.
European Energy said it sold the 39MW Bosco Le Piane project in Italy and the 18MW Holmen 2 facility in Denmark this year.
European Energy chief executive Knud Erik Andersen said: “We are very pleased with the start of 2019.
“The closing of the sale of two wind farms provided a positive basis for our financials, and we continue the momentum in our development activities in our main markets.
“In 2018, the sale of electricity increased significantly, and that trend has continued into the first quarter this year.”
The company said electricity sales in Q1 2019 represented 35% of gross profit, compared with 20% last year.
It added that the asset management part of the business also increased 9% in the period.
European Energy has a further 86MW under construction and another 421MW ready-to-build.