Innogy was hit by low wind levels across Europe last year that contributed to a fall in the company’s net income compared with 2017.
Net income for 2018 stood just short of €1.03bn, down from over €1.2bn the previous year.
Earnings from renewables fell by €75m to €619m in 2018, despite an increase in capacity to 3572MW from 3487MW.
Innogy said other factors in the drop were a decline in earnings from its solar EPC business, the absence of a positive one-off gain due to the revaluation of the Triton Knoll wind farm the previous year, and higher development and ramp-up costs for new projects.
The company has a further 1608MW of renewable energy projects under construction, which are expected online between this year and 2021.
Innogy chief executive Uwe Tigges described 2018 as a “very turbulent year”.
He said the company was taken by surprise by the announcement between Eon and RWE, which owns Innogy, that will see RWE owning the renewables businesses of both Innogy and Eon.
“For our employees, it was anything but good news,” he said.
Innogy chief financial officer Bernhard Gunther said: “For renewables, it was not a good year for wind power, but we laid the foundations for further growth.
“We performed well in the area of auctions in particular, and we also successfully entered into the solar market in Australia.
“Through the sale of shares in the Triton Knoll offshore wind farm to two Japanese companies we found partners who we can work with to bring this attractive major project to completion.”
The company’s bottom line was also impacted by the failure to merge its UK retail business with that of SSE.