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Iberdrola's renewables earnings fall 5%

SPAIN: Earnings before interest, tax, depreciation and amortisation (Ebitda) in Iberdrola's renewables division fell 5% in Q1 compared to last year, on the back of low wind speeds.

Iberdrola installed the first turbine at its Wikinger offshore project in Germany during Q1
Iberdrola installed the first turbine at its Wikinger offshore project in Germany during Q1

The Spanish utility said the fall was due to "reduced wind availability" in Spain and the UK.

Earnings from renewables were €434 million in Q1, approximately 23% of the group's total earnings, which fell 8.2% to €1.86 billion.

Iberdrola said renewables accounted for 46% of its €1.02 billion investment total in Q1.

"As a result of its investment strength, the company plans to commission a total 2,011 megawatts (MW) in renewables and regulated generation in 2017," the company said.

It also confirmed a pipeline of 1,546MW of onshore wind, and 1,064MW of offshore wind.

Iberdrola posted net profit of €827.6 million in Q1, a fall of 4.7% year-on-year, but said it expects to reach its 2017 outlook.

The group also reported an income of €255 million from the Siemens-Gamesa merger, in which Iberdrola reduced its stake in the Spanish manufacturer from 20% to 8%.

The new Siemens Gamesa Renewable Energy manufacturer was formed at the start of April.

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