Profit at EnBW’s renewables division fell over 12% in the first quarter of the year due to unfavourable weather conditions.
The German developer said earnings before interest, taxes, depreciation, and amortization hit €203.3m for the three months, down 12.2% year-on-year.
“The decrease was mainly due to poor spring wind conditions this year at offshore and onshore wind farms,” said the company.
The company said investment in the three months stood at €572.2m, significantly higher than in the same period of the previous year (€300.4m).
This mainly relates to bidding success in the seabed area auction for the construction of offshore wind farms in the UK Round 4.
“Some 78.1% of total investment was for growth projects such as the expansion of renewables and the rollout of charging infrastructure for electric vehicles.”
EnBW believes the dip in earnings for the quarter will even out over the rest of the year.
Chief financial officer Thomas Kusterer said: “We continue to expect slight earnings growth this year. Our integrated portfolio approach means that we now have a highly robust business model.”
He added: “In renewables, for example, we have substantially expanded investment with our success in partnership with BP in the seabed area auction for the construction of two offshore wind farms in Great Britain.”