EnBW Soars on Stellar Renewables Return

EnBW banked adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €426m from its renewables division for the first six months of 2020, doubling the result for the same period of last year.

The German developer said the clean energy unit performance was largely down to the Hohe See and Albatros complex in the German North Sea coming online.

It also attributed the profit to the return from French wind and solar power company Valeco and better wind conditions at offshore and onshore wind farms.

For the full-year, EnBW expects earnings of between €825m and €925m from the renewables segment.

The German company said the division was largely behind group wide adjusted EBITDA of €1.6bn, up 24% year on year.

Covid-19 has not had a substantial impact on the business.

Net profit attributable to the shareholders of EnBW meanwhile went down from €286.2m in the previous year’s period to €184.2m in the period under review. “The fall in Group net profit is primarily due to the lower financial result. This has been affected by marking the securities portfolio to market at the reporting date.”

Chief financial officer Thomas Kusterer said: “Our EnBW Hohe See and Albatros offshore wind farms have doubled the earnings contribution from renewable energy sources.

“The operating businesses show positive performance across the board – and that at a time when the outbreak of the corona pandemic confronted us with major challenges, to which we as a company responded with targeted action at a very early stage. This shows the stability of our business portfolio after years of systematic transformation. However, corona will still not leave us completely unaffected.”