US outfit NRG Energy made a loss of $34m from its renewables operations in the first three months of 2018, compared with a loss of $29m in the same period last year.
However, adjusted earnings from renewables rose to $32m in the period, a 39% increase on the $23m reported in 2017.
The company said the main reasons for the improved earnings figure were new maintenance service contracts, lower customer acquisition costs and increased availability of the 290MW Agua Caliente solar farm in Arizona.
Overall, adjusted earnings at NRG stood at $549m in the first quarter of the year, an increase of 42% on the $385m posted between January and the end of March 2017.
The company made a profit of $233m in the period, compared with a loss of $169m last year.
NRG is continuing with its three-year transformation plan, which included the sale of the 154MW Buckthorn solar project to yieldco NRG Yield for $42m at the end of March.
The company is offloading its renewables assets as part of the transformation plan announced last year.
It expects its overall adjusted earnings for the year to be in the range of $2.8bn to $3.0bn.
Image: NRG Energy
NRG green losses mount
By EBS