ERG reported a fall in earnings before interest and tax to €25m in the third quarter of 2020, compared with €29m in the same quarter of 2019, a 14% fall.
EBITDA for the quarter fell by 7% to €99m, compared with €107m million in the third quarter of 2019.
ERG attributed adverse water conditions, lower wind power production outside of Italy and the downturn in energy prices for the quarterly results.
The company has 360MW of capacity under construction outside of Italy following the recent acquisition of an authorised 24.5MW project in Poland and the overall 55MW increase in capacity for two wind farms in the UK.
A framework agreement has been drawn up with Vestas for the supply of wind turbines with a potential capacity of 790MW to be used for repowering and for greenfield projects in France and the UK.
Under the €2bn Euro Medium Term Notes programme, ERG said a second €500m green bond has been placed, with requests corresponding to six times the amount of notes offered.
ERG chief executive Luca Bettonte said: “In a market situation still penalised by the effects of Covid-19, the quarter’s operating results show a limited downturn, with a growth in net profit, also thanks to the reduced cost of debt following the issuance of Green Bonds and simultaneous liability management transactions.
“Compared to a year ago, EBITDA reflects a negative perimeter effect, due to the full consolidation of the wind farms acquired in Germany during the third quarter of 2019, and the discontinued production of white certificates for one of the two CCGT modules.
“Without these effects, the results for the quarter would have been essentially in line with 2019, owing to the greater contribution from Italian wind and solar power and despite the falloff in hydroelectric power due to the prolonged lack of water availability in Central Italy.”
ERG has confirmed its guidance figures, while increasing development potential outside of Italy, he added.