Spain’s Iberdrola reported a 25.5% increase in the gross operating profit (EBITDA) in its Renewables business unit in the first half of 2018, driven by increased production and the contribution of the Wikinger offshore wind farm in the German Baltic Sea.
The 350MW Wikinger was connected to the German grid in late December 2017.
The division recorded EUR 1.184 billion EBITDA in the period between 1 January and 30 June 2018, Iberdrola said.
The company’s net investments amounted to EUR 2.478 billion in the first half of 2018, 36% of which went towards renewable energy projects.
During the first six months of the year, the company installed the first jacket foundations at the 714MW East Anglia One wind farm in UK North Sea waters while taking delivery of the offshore substation, Andalucía II.
Moreover, Iberdrola was awarded new offshore wind capacity: 486MW in Germany’s Baltic Sea and 800MW off the coast of Massachusetts in the United States, through the company Vineyard Wind . In France, tariffs were approved for the future offshore wind farm in Saint Brieuc, with a capacity of nearly 500MW.