Acciona Energia, the Spanish energy company, revealed a nearly 4% increase in first-half net profit, reaching 405 million euros ($444 million), despite a 20% decline in revenues. The drop in revenues was attributed to an accounting impact on regulated assets and lower electricity prices.
The company’s net investment cash flow doubled to 1.54 billion euros during the period, reflecting the accelerated construction of new renewable projects, mainly in Australia and the United States, as stated in a company statement.
Acciona maintained its year-end deployment target of around 1.8 gigawatts (GW) of new installed capacity, having added 442 MW in the first half, totaling 12.27 GW. Additionally, it had nearly 2.2 GW under construction as of June.
However, the change in Spanish regulatory parameters had an adverse effect on earnings before interest, taxes, depreciation, and amortization (EBITDA), which declined by 25% to 686 million euros. Revenues also dropped to 1.76 billion euros.
