Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) rose 123% to E357 million over the same period while earnings before interest and taxes (EBIT) rose 108.2% to E219.7 million. Gross operating profit doubled year-on-year to E425 million.
This first quarter earnings performance was primarily underpinned by an 80% jump in both installed capacity and output.
Iberdrola Renovables added 460MW of new capacity during the first quarter. This rate of new capacity completion is higher than the historical average for the first quarter and brings total capacity to 8,164MW, with 7,822MW generated by wind farms and 342MW by mini-hydro facilities.
At the same time, the company’s global pipeline of projects increased by 1,227MW to 43,280MW. First quarter output, meanwhile, stood at 4.898 billion kWh, due to significantly higher load factors year-on-year.
