German developer EnBW notched almost 39% growth in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) from its renewables business in the first nine months of 2019.
The company said renewables profits tallied €298.6m, up 38.5% relative to the same period a year earlier.
The improvement is due to contributions from onshore wind farms acquired in Sweden at the end of last year and the overall improvement in wind conditions at onshore and offshore wind farms in Germany, it added.
EnBW said its acquisition of French wind and solar developer Valeco has contributed to earnings since the beginning of the third quarter.
The developer expects its Hohe See and Albatros offshore wind farm complex (pictured) will contribute to earnings from the fourth quarter of 2019.
EnBW reported company-wide adjusted EBITDA of €1.69bn for the first nine months of 2019, up 7.4% on the previous year’s tally of €1.57bn. Revenues were down 3.2% at €14.37bn.