Eolus Vind AB has disclosed a third-quarter net profit of SEK 94 million (USD 8.9 million/EUR 8.1 million), marking a substantial improvement from the SEK 11 million loss reported a year ago. The positive results are primarily attributed to the successful operation of the company's wind farms within Sweden.
Additionally, a settlement award related to two Swedish wind projects and their sale to Germany's Aquila Capital played a significant role in bolstering Eolus' financial standing during July-September.
Eolus also benefited from the final payment stemming from the divestment of the 120-MW Cald battery energy storage project in California to BlackStone's Aypa Power, contributing to the overall positive performance.
With net sales reaching SEK 127 million, a 14.4% increase on an annual basis, Eolus demonstrated resilience and growth during the reporting period. The company further strengthened its position by making strategic decisions, including an investment commitment to a 100-MW battery storage project in California's San Diego County. Additionally, Eolus applied for the development of a gigawatt-scale offshore park in Swedish waters, signaling its commitment to diversifying its portfolio across various markets and technologies.
As of end-September, Eolus Vind AB managed assets totaling 817 MW and boasted a project management portfolio exceeding 25 GW, spanning multiple markets and technologies. CEO Per Witalisson expressed confidence in the company's stability and favorable conditions for successful project development in the years ahead. Eolus continues to navigate the renewable energy landscape with a solid foundation and strategic foresight.