EnBW recorded adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €205m from its renewables division for the first six months of the year, up over 24% on the year-ago result.
The German utility said the increase was driven by strong wind conditions in its home onshore wind market and the acquisition of onshore projects in Sweden at the end of 2018.
Total revenue for the segment was €477m for the six months, up from €420m in half-year 2018, thanks to higher generation.
The company invested in €829m in green energy during the period, up from €164m in the same six months last year.
EnBW said this was due acquisition of French developer Valeco and spending on construction of the 609MW Hohe See and Albatros offshore wind farms in the German North Sea.
The spend accounted for 54% of total group investment, while adjusted EBITDA was 16% of wider group earnings.
EnBW said it is on track to record adjusted EBITDA from segment of between €425m and €500m for the full-year, up from the €289m recorded for 2018.
Earnings will increase as it ramps up generation from the Hohe See and Albatros project, with turbines currently being installed.
Full group earnings stood at €1.3bn, up 11.8% year-on-year, driven mainly by the renewables return, the company said.
Chief financial officer Thomas Kusterer (pictured) said: “We have once again been able to increase our earnings and we see a good probability of already attaining our 2020 target of €2.4bn this year.
“In Renewable Energies most of all, we expect substantially higher earnings in 2019 than in the previous year, among other things due to our Hohe See and Albatros offshore wind farms coming into operation this autumn.”