Iberdrola earnings from its renewables business were up over 25% to almost €1.2bn in the first six months of 2018.
Revenue also increased in the period by 22.5% to over €2bn, the Spanish company said in its 2018 half-year results.
Iberdrola said the rises were down to higher contributions from its hydro and onshore and offshore wind business segments, particularly in Brazil, Germany, Spain and the UK.
Renewables output was up over 20% in the period compared with last year to 35,127 gigawatt-hours.
Offshore wind generation increased by more than 88% to 729GWh, boosted by the 350MW Wikinger project in the German Baltic Sea.
Onshore wind output grew 12.4% to almost 20,000GWh, while hydro generation increased almost 30% to 13,807GWh.
Iberdrola now has just under 29.5GW of installed renewables capacity out of total capacity of almost 49GW.
Onshore wind capacity is over 15.5GW, offshore wind 544MW and hydro over 12.6GW.
Iberdrola said it installed 423MW of new renewable capacity between January and June.
In the second half of 2018, the company plans to commission another 537MW of renewables capacity.
Overall, the company had earnings of over €4.4bn in the first six months of the year, up 17.1% on last year.
Net profit was above €1.4bn but 7% down on the same period in 2017. Iberdrola said the fall was because last year’s results were impacted by the Siemens Gamesa merger and the renegotiation of gas contracts, which has not had any effect this financial year.
Image: Wikinger offshore wind farm (Iberdrola)
Iberdrola boosts green earnings
By EBS