German developer ABO Wind posted record net profit of €17m in 2017, beating the record €16.5m achieved in 2016.
Turnover was €147m, up from €122m a year-earlier, while some 166MW of renewable energy installations were connected to the grid in 2017, the developer said.
So far 20MW of projects developed by Abo Wind were commissioned in 2018 while other projects are under construction including an 11MW project in Ireland.
In Germany’s two onshore wind auctions this year, ABO Wind secured capacity for three projects.
The sale of a 100MW portfolio of French wind farms to Czech energy supplier CEZ contributed to the results as well as the sale of wind farm projects in Spain and Northern Ireland.
“In 2017 we generated more than half of our revenues outside of Germany for the first time,” said managing director Jochen Ahn.
In order to diversify its business, the company added solar energy to its activities and is expanding activities such as wind farm management.
ABO Wind has also issued a €15m convertible bond to finance its growing pipeline of wind and solar projects.
“Although the bond is sold without the help of a bank, more than a third has already been sold,” the company said. The bond has a term of two years with a yearly interest rate of 3%.
Image: ABO
ABO in record-breaking form
By EBS