Wind and solar farm operator Encavis boosted revenue by about 5% in the first nine months of 2020, but operating earnings fell over 2%, compared with the same period last year.
Revenue rose to €234.3m mainly as a result of the acquisition of several wind farms in Denmark in 2019.
Operating earnings before interest, taxes, depreciation and amortisation stood at €181.0m, some €4.8m below the previous year’s figure.
Encavis said this was because the latest period’s positive meteorological effect of €7.1m was €5.8m below an even stronger comparative period in the previous year.
The previous year’s figures also benefited from the sale of minority interests in a wind farm portfolio, the company said.
Encavis chief executive Dierk Paskert said: “We will profit strongly from the growing market for long-term private power purchase agreements in many other European countries, as in Spain, in the future.”
Based on the existing portfolio, and in anticipation of standard weather conditions, the company’s management board expects revenues to increase to over €280m in fiscal year 2020, up from €273.8m last year.
Operating EBITDA is expected to increase to over €220m from €217.6m, weather-adjusted to €210.6m.