Iberdrola’s earnings before interest, taxes, depreciation and amortization (EBITDA) from renewables were down 3.3% to €1.1431bn in the first nine months of 2016, compared with the same period last year.
The company said the results were lower mainly because of a 26% reduction in UK output across the first half of the year and the fall in the value of the pound.
UK renewables output actually rose by 5.9% in the third quarter, but earnings for the first nine months of 2016 were still almost 29% down on the same period last year, Iberdrola said.
The company experienced a better showing in Spain, where renewables EBITDA rose 15.9% to €410.2m, on the back of a 5.8% increase in output.
Latin America has also been a strong market for Iberdrola – in particular Mexico – with earnings of €55.1m, up 20.9%, the company said.
In the US, Iberdrola’s Avangrid subsidiary – in which it holds an 81.5% stake – is managing 6.3GW of renewable installed capacity and has booked 2GW in new wind turbines and will re-energize 350MW of existing wind capacity by 2020.
Globally, between the last quarter of this year and 2018 Iberdrola expects to commission a total of 2284MW of new renewable capacity.
It said 70% of the supply contracts for the construction of the 714 East Anglia 1 offshore wind farm in the UK have been awarded.
Progress is also being made on the 496MW Saint-Brieuc offshore wind farm project in French waters, which is expected to be commissioned in 2022, the Spanish company added.
Image: Iberdrola
