Swedish wind project developer Eolus Vind AB (STO:EOLU-B) posted a third-quarter net profit of SEK 94 million (USD 8.9m/EUR 8.1m) after a loss of SEK 11 million a year ago, mainly thanks to the operation of its wind farms at home.
The settlement award of a case related to two Swedish wind projects and their sale to Germany’s Aquila Capital also contributed to the positive result recorded in July-September, Eolus said on Friday. The final payment from the divestment of the 120-MW Cald battery energy storage project in California to BlackStone’s Aypa Power also added to the company’s improved performance.
At SEK 127 million, net sales rose by 14.4% in annual terms. Key financial figures of Eolus’ third-quarter report are given in the table below.
|Amounts in SEK millions||Q3 2023||Q3 2022|
|Profit (loss) before tax||134||(11)|
|Net profit (loss)||94||(11)|
|Cash flow from operating activities||(369)||(204)|
|Managed turbines (in MW)||817||882|
During the reporting period, Eolus took an investment decision for a 100-MW battery storage project in California’s San Diego County and applied to build a gigawatt-scale offshore park in Swedish waters.
At end-September, the company had 817 MW of assets under management and a project management portfolio of over 25 GW, distributed across several markets and technologies. “This means that we have a stable foundation to stand on and favorable conditions for successful project development for many years to come,” said CEO Per Witalisson.
(SEK 10 = USD 0.945/EUR 0.867)