Energie Baden-Württemberg (EnBW) sees adjusted EBITDA from renewables continuing to rise this year, increasing by 5% to 15% compared with 2016.
Adjusted EBITDA from renewables last year was €295.3m, or 2.7% more than in 2015.
The rise was driven by the contribution of the 288MW Baltic 2 offshore wind farm, according to the company.
The output from the facility, which has been operating since September 2015, compensated lower-than-expected wind yields and a negative performance from hydropower plants.
Renewables accounted for 15.2% of EnBW’s total EBITDA last year, compared with 16.3% in 2015.
The company is restructuring to focus on renewable energies and grids, which it sees as the “main pillars of future, decentralised energy systems”.
It also gave the go ahead to the 497MW Hohe See offshore wind farm in the German North Sea last month.
Total adjusted EBITDA for last year was €1.94bn, or 8% lower than in 2015.
“Grids, renewable energies and sales already account for 80% of the operating result (adjusted EBITDA),” chief executive Frank Mastiaux said.
“We are now focussing all our efforts on turning our earnings trend into a positive one from 2017 onwards.
“Major projects such as the Hohe See offshore wind farm demonstrate that our investments clearly focus on the future and despite the deteriorating conditions we are still on course for 2020.”
Image: Baltic 1 offshore wind farm (EnBW)
