Swedish renewables developer Arise Windpower reported a loss of Skr20m in the first quarter of 2017, compared with a loss of Skr3m in the same period last year.
Earnings were down in the period compared with last year to Skr21m from Skr40m previously.
Sales also fell to Skr44m from Skr136m in the first three months of 2016.
Arise said wind production in the period was up to 185 gigawatt-hours – of which the company owns 93GWh and co-owns 92GWh – from 164GWh last year.
It said that in order to “proactively develop Arise’s position in the market and to strengthen its financial flexibility, a new issue of convertible bonds of approximately Skr245m was completed”.
The company also completed the acquisition of Kraftö’s up to 370MW portfolio and entered into an option agreement to acquire the approximately 100MW Svartnäs project.
Image: Arise
