Germany

Germany

ABO Wind's revenue and profits fall 'as expected'

GERMANY: ABO Wind remains on track to meet its forecast for the year despite its profits falling in the first half, the developer claimed.

ABO Wind's 13.2MW Dinkelsb├╝hl-Wilburgstetten wind farm in Bavaria, Germany
ABO Wind's 13.2MW Dinkelsb├╝hl-Wilburgstetten wind farm in Bavaria, Germany

It posted a net profit of €5.5 million for the first six months of 2018, down 38.1% from €8.2 million profit in the same period last year.

Similarly, the German developer’s revenues of €56.4 million were 23.6% lower than the €73.9 million recorded in the first half of last year.

ABO Wind posted its highest-ever net profit for 2017 (€17 million), up from €16.5 million in the previous year – results its management board has stated it does not expect to be repeated. In its first-half financial results, ABO Wind expects profits to be in line with the company’s four-year average, and to be more than €10 million.

Managing director Joachim Ahn added that the company had faced "considerable challenges, especially in Germany".

The developer’s revenue in the first half of 2018 was mainly generated by wind farms in Finland and Germany, it stated. ABO Wind also has projects in France and Argentina, and is also developing wind and solar projects in South Africa, Colombia and Canada, and a solar facility in Hungary. It has also expressed interest in developing wind projects in Lebanon.

In total, ABO Wind secured 1.6GW of new wind and solar projects during the first six months of the year, it stated. The developer added that "solar energy is now just as important for the company as wind energy when it comes to securing sites".

As of 30 June, ABO Wind had a wind pipeline of about 4GW, and a solar pipeline of about 650MW, the company stated. It also had 88MW of wind and solar projects under construction.

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