Eolus Vind's quarterly profits up 66%

SWEDEN: Developer Eolus Vind made a SEK 35.9 million (€3.45 million) profit during a busy quarter between 1 December and 28 February, it has announced.

by Craig Richard 19 April 2018

Eolus Vind's 44MW Tolvmanstegen wind farm in the west of Sweden

This figure marks a 66% increase on the SEK 21.6 million profit from the same period a year earlier.

The company recorded net sales for the period down 79.7% year-on-year — from SEK 688.6 million to SEK 139.4 million — but did not give a reason behind this fall.

Electricity production from its wind farms in the quarter was down 38% from 15GWh to 9.3GWh, and revenue from electricity was SEK 437/MWh, compared to SEK 442/MWh one year earlier.

Between the beginning of December and the end of February, Eolus agreed to sell several projects in deals worth SEK 3.88 billion — a thirteen-fold increase on the SEK 281.1 million the previous year.

During those three months, it agreed to sell two wind farms with a combined capacity of 46.8MW to German asset and investment manager KGAL, as well as another two projects with a total capacity of 232MW to German investor Aquila Capital.

It also placed an order with Vestas for 74 turbines to be installed at these four wind farms.