ABO Wind raises 2022 net profit 78%

March 15 (Renewables Now) - German renewables developer ABO Wind AG (ETR:AB9) booked a net profit of EUR 24.6 million (USD 26.41m) for 2022, which is close to the upper end of its forecast that was increased earlier this year.

ABO Wind's net result grew from EUR 13.8 million in 2021, passing the EUR-20-million threshold for the first time. In January, the outlook for 2022 was raised to between EUR 20 million- 25 million, up from almost EUR 17 million projected in December.

The higher net profit is a result of several project successes in Germany and abroad at the end of the year, as well as valuation adjustments.

ABO Wind expects to be able to maintain a net result of over EUR 20 million in the coming years and further raise it in the medium term as an increasing number of renewable energy projects that are in the planning stage will be ready for construction.

Revenue almost doubled to EUR 231 million in 2022 from EUR 127 million with Germany accounting for about 35% of the total. France and Finland were also key markets for the company with a share of 27% and 13%, respectively, of the revenue.

Total output from revenues and changes in inventories jumped to EUR 308 million from EUR 187 million in the prior year.

The company's development portfolio grew last year to around 21 GW of wind, solar and battery projects for grid connection in 16 countries, with a focus on Europe.

In the latest onshore wind tender in Germany, ABO Wind was successful with seven projects with a combined capacity of 78 MW. The permits for most of these projects were granted in 2022 and the commissioning of the parks is planned for 2024 and 2025.

The company is also working on its first larger turnkey projects outside of Europe -- two solar farms in Colombia, each with a capacity of 10 MW, which are planned to go online in 2024.

Apart from these projects, ABO Wind is developing renewable energy projects for the production of green hydrogen with a total capacity of 15 GW in Canada, Argentina, Tunisia and Germany.

(EUR 1 = USD 1.074)