Spain

Spain

Acciona earnings boosted by production growth

SPAIN: Revenues at Acciona Energia grew 17.6% in H1 2018 to €1.02 billion on the back of increased generation.

New wind capacity internationally offset renewables reductions in Spain (pic: Acciona Energia)
New wind capacity internationally offset renewables reductions in Spain (pic: Acciona Energia)

Earning before interest, tax, depreciation and amortisation (Ebitda) also grew 6.7% to €392 million year-on-year.

The Spain-based renewable developer said its domestic business grew 8.9% due to an 11% production increase, despite a small fall in wholesale prices, the company said.

Internationally, Acciona Energia achieved a 4.8% increase in revenues with production up 14%.

Production was boosted by the 359MW of wind added in Mexico, India, Australia and Canada, which offset the 299MW reduction of renewables capacity in Spain.

As a group, Acciona made €186 million in net profit, up 132% year-on-year, and Ebitda grew 6.7% to €618 million.

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