Statkraft operating profit from its wind power assets was Nkr229m (€24m) in the first nine months of 2018, up from a loss of Nkr165m in the same period last year.
Underlying earnings before interest, tax, depreciation and amortisation hit Nkr455m, compared with Nkr108m in the first three quarters of 2017.
The company said the improved showing was down to increased generation driven by stronger wind speeds and higher power prices.
Statkraft invested almost Nkr1.3bn in new wind power capacity in the first nine months of 2018, up from about Nkr500m in the whole of last year. The investments were mainly at the 1GW Fosen wind complex in Norway.
Some 1.8 terrwatt-hours of wind power was generated in the period. Hydro dominated Statkraft’s output over the nine months producing 42.8TWh of electricity.
Overall, company EBITDA rose to Nkr12.7bn from just under Nkr10.2bn in the same period of 2017.
Net profit was over Nkr11.8bn, compared with more than Nkr6.4bn in 2017.
The company said it has a “solid foundation” for its new growth phase as it plans to reach a portfolio of 8GW of onshore wind and solar capacity.
It plans to invest Nkr10bn a year over the 2019 to 2025 period financed through earnings from existing operations, external funding and the partial divestment of shares in completed solar and wind projects.