German renewables company ABO Wind posted net profit in the first half of 2019 down slightly on 2018, but in line with expectations.
Net profit was just over €5.2m in the first six months of the year, down from almost €5.5m in the period in the previous year.
Revenue grew slightly to over €56.6m this year from €56.4m in 2018.
However, managing director Andreas Hollinger said the result was “very respectable”, given the problems in the onshore wind sector in the company’s home market of Germany.
He said that ABO Wind is “prepared to realise significantly more projects in Germany than is possible under the current conditions”.
The company expects the coalition government in Berlin to approve reforms in the onshore sector that would help unlock more project developments.
Globally, ABO has expanded its activities and is working in 16 countries on future wind and solar farms with a capacity of approximately 10GW.
South Africa and Argentina account for more than 5GW, the company said.
New projects in Finland, Colombia and Tunisia also contributed to ABO’s expansion.
It is working on projects totalling about 1GW in Germany, France and Finland, and 500MW in Spain.
Some 317MW of wind and solar projects under development were sole in the first half of the year.
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