Acciona earnings from its energy business grew almost 14% last year to €845m from €743m in 2018, driven mainly by the performance of its renewable assets outside of Spain.
Energy revenue fell 9.5% to just under €2.0bn from over €2.2bn in the previous year, the Spanish company said in its end of yea results.
Low rainfall in Spain impacting the company’s hydro assets and lower average power prices were the main reasons for the revenue drop.
Overall output was up 0.6% on the previous year to 18,712GWh. Production in the international generation business rose 7.7%, but fell 5.1% in Spain.
The average price in 2019 was €47.7 a megawatt-hour, compared with €57.3/MWh in 2018, Acciona said.
The company’s international generation business grew by 14.4% last year, boosted by new operating assets.
Installed capacity increased by 469MW last year, with new wind capacity in the US and Chile, as well as new solar assets in the South American country and Ukraine.
In total, Acciona has 8053MW of installed capacity, of which wind accounts for 6550MW and other technologies – solar, hydro, biomass – the remaining 2968MW.
Overall, Acciona posted EBITDA up 9% to more than €1.35bn, from over €1.24bn and a net profit of €352m up from €328m.