Sweden’s Eolus Vind AB (STO:EOLU-B) had a strong second quarter with net profit increasing to SEK 422 million (USD 38.3m/EUR 35.5m) from SEK 225 million a year ago.
Net sales rose to SEK 1.74 billion from SEK 1.45 billion.
The financial performance was driven by project divestment and contract revenues recognised for the three Swedish wind projects totaling 125 MW that were sold to Swiss energy company BKW AG. In addition, the company received a milestone payment in relation to the large-scale solar and battery storage project in Arizona, US, which was divested in October 2022.
“The Swedish wind projects were divested at an attractive price level, a sign of the continued major interest in investments in renewable projects, especially in southern Sweden,” commented chief executive Per Witalisson.
In the first half of the year, net profit jumped to SEK 407 million from SEK 87 million, while net sales climbed to SEK 2.02 billion from SEK 1.88 billion.
Eolus recently announced a decision to carry out a strategic review of its offshore wind business and possibly find a strategic partner to boost development speed.
(SEK 1 = USD 0.091/EUR 0.084)
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