RWE’s offshore wind segment recorded €431m in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2020, a 30% growth in the business compared with the first quarter of 2019, driven by higher wind levels.
RWE said it expects the offshore wind unit to close the 2020 with an adjusted EBITDA of between €900m and €1.1bn.
The onshore wind and solar business recorded €209m in EBITDA the first quarter of this year, a 20% increase on the same period in 2019.
Favourable weather conditions as well commissioning of new generation capacity contributed to the results, said the company.
RWE anticipates adjusted EBITDA of €500m to €600m for the onshore wind and solar segment in the year underway.
RWE chief financial officer Markus Krebber (pictured) said: “RWE got off to a good start to the year.
“We are making good progress in expanding renewable energy and are consolidating our position as one of the world’s leading renewable power providers. We are pursuing our goal of becoming carbon neutral by 2040. Our strategy is paying off: the new RWE is achieving profitable growth.”
RWE Group overall reported an EBITDA €1.3bn in the first quarter of 2020, an increase of 19% on the same period last year.
Krebber added: “Thanks to our robust business model, we posted significant gains across all key earnings figures even in these challenging times. We confirm our earnings forecast and our dividend proposal of 85% per share for fiscal 2020.”