Innogy’s revenue and profits from renewable power rose last year ahead of the transfer by the German utility of its 3.64GW in renewable generation capacity to former parent RWE.
RWE in a wide-ranging asset and share swap last year had sold most of Innogy (grids and retail) to rival E.ON, and received 4.7GW in E.ON’s renewable generation assets.
Later this year, E.ON will also transfer the renewable generation assets of Innogy back to RWE, which will then become one of Europe’s largest producer of green power with more than 9GW in operating renewables capacity and a development pipeline of another 20GW.
Innogy in 2019 had 2.16GW in operating onshore wind assets, 925MW in offshore wind, 535MW in hydro, and 21MW in other renewables, mostly solar.
Its renewables generation fleet last year had €3.47bn ($3.71bn) in revenues, down from €3.72bn a year earlier, and an income after tax of €474m, up from €320m in 2018.
Innogy reported the renewables figures as discontinued operations as the assets will soon be transferred to RWE.
The increase in profit stemmed mostly from the gain on consolidation due to the sale of Slovakian company VSEH.
Renwables made the largest contribution to earnings in the divestment business, as both wind power and hydro power benefited from weather conditions. Also, operating offshore wind farms, such as Galloper of the UK, had a good performance.
Due to the insolvency of a service provider, operations at the Nordsee Ost wind farm off Germany, were negatively affected, though.