Eon is planning to invest €1.3bn in renewables through 2016 as part of its ongoing transformation to a next-generation utility.
The German giant said in first quarter results that spending would largely be on the 400MW Rampion wind farm as well as onshore wind farms in the US and “smaller projects” in Europe.
Eon also “intends to expand” its PV business, while investing further in energy networks in order to better integrate renewables.
EBITDA in the renewables business decreased by €40m year on year to €345m due to a decline in revenues from the company’s hydro assets in Spain and Italy.
EBITDA for the remainder of the unit, largely wind and solar, was up by €77m due in large part to the commissioning of the Amrumbank and Humber Gateway offshore wind farms.
Looking ahead, Eon expects its renewables result to be “significant above” the prior year figures, again due to the offshore wind farms coming online.
Overall, first quarter sales at Eon were down 12% at €27.1bn while underlying net income (adjusted for extraordinary effects) was €1.3m, up 30% year on year.
Image: the Humber Gateway offshore wind farm helped to boost the bottom line at Eon (Eon)
Eon puts faith in wind, solar
2016 renewables spending to total €1.3bn as utility makeover continues
By EBS