Operating profit (Ebitda) for renewables rose 20.3% year-on-year from €79.3 million in Q1 2017 to €95.4 million a year later, according to its first quarter results.
EnBW stated this was mainly due to contributions from onshore wind farms commissioned last year. It increased its portfolio of operational onshore wind farms by 204MW in 2017, the developer had previously stated.
The German company also stated that earnings for its renewables segment increased year-on-year due to "better water management" and therefore greater electricity production at its hydropower plants.
EnBW entered the burgeoning Taiwan offshore wind market in the first quarter of 2018, acquiring a 35% stake in three offshore sites with the potential to hold up to 2GW, from partners Macquarie Capital and Swancor Renewables.
It also recently started construction of the 497MW Hohe See and 112MW Albatros projects in the German North Sea.
EnBW operates coal, gas, and nuclear plants, as well as wind, solar and hydropower projects.
It aims to grow its renewables business to 40% of its total power generation by 2040 (up from 12% in 2013). At the end of 2017, renewable energy facilities accounted for approximately 26% of its installed capacity.
Overall, the group increased internal sales 22.7% from €5.17 billion to €6.34 billion, while its total adjusted Ebitda grew 33.7% from €513.4 million to €686.6 million.
