Sweden

Sweden

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.

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

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