Swedish wind developer Arise made loss after tax of Skr180m (€18m) in 2017, compared with a loss of Skr41m in the previous year.
Sales also fell to Skr257m last year from Skr594m in 2016, while earnings before interest and tax were Skr99m in the red compared with a positive figure of Skr33m previously.
The company said it now has fewer wind farms in operation due to divestments, which reduced output to 635 gigawatt hours last year from 640GWh the year before.
It was also hit by a lower average price of electricity, which fell to Skr380 a megawatt hour from 433MWh in 2016.
Arise also recognised an impairment of Skr152m last year on assets it owns and in the company’s development and management business unit.
Arise chief executive Daniel Johansson said the company is “convinced electricity prices are on the rise”.
He added that Arise also has a strong project portfolio to offer clients for investments, with two wind farms totalling 80MW currently in a sales process.
Image: Arise
Arise losses mount
By EBS