Earnings at PNE Wind Group were €97m in the 2016 fiscal year, up from €9.8m the previous year.
The jump was on the back of the sale of wind farms to a fund managed by Allianz Global Investors, which took an 80% interest in a 142MW portfolio for €103m.
Other factors boosting 2016 results were offshore milestone payments received and income from electricity generation, PNE said.
Net income at the company was €69m, growing from €3.5m the year before.
PNE Wind chief executive Markus Lesser said: “We are extremely satisfied with these results, no question.
“However, the market will become more difficult due to regulatory changes, and we are expecting declining prices.
“But now, we have the necessary resources to invest again in a project portfolio in the long term in order to strengthen our internal operations and to profitably use or expand our entire value chain.”
Image: PNE Wind
