Iberdrola’s operating profit from renewables stood at €441.6m in the first three months of 2016, up 3.1% compared with the same period last year.
The company’s Spanish renewable assets generated earnings before interest, taxes, depreciation and amortization (EBITDA) of €174.3m, an increase of almost 17%, while in the US EBITDA grew 30.1% and 4.1% in its rest of the world division.
Iberdrola said in Latin America its renewables business “remains stable” with EBITDA of €24.5m. However, in the UK lower output had a negative impact that saw EBITDA fall 24.7% to £83.8m.
The company’s renewables business had total installed capacity of 14.8GW at the end of March.
A further 1346MW of onshore capacity are currently under construction: 744MW in the USA, 428MW in the UK and 174MW in Brazil.
Offshore, Iberdrola said it has laid the first foundations at the 350MW Wikinger offshore wind farm in the Baltic Sea and entered into an agreement with Siemens for the supply of the wind turbines for the 714MW East Anglia One project.
Overall, the company reported a net profit of €868.7m in the first quarter of 2016, a 3.3% increase on 2015. EBITDA stood at €2.008bn in the first three months, down by 6%.
Image: Iberdrola
Steady start for Iberdrola
Operating profit from renewables up 3.1% in first quarter at €441.6m
By EBS