Iberdrola continued to expand investments to € 2.512 billion during the first six months of 2017, up 35% from the same period the previous year. During the first half of the year half of the wind turbines and the first export cable have already been installed in the 350MW Wikinger offshore wind farm, which will be operational by the end of the year in German waters of the Baltic Sea.
In addition, the group is advancing the development of East Anglia One, its third offshore wind facility, for which 80% of the supply work has now been contracted. Also, it is working on its first offshore wind developments in the USA, after the acquisition of sites off the coasts of Massachusetts and North Carolina. In onshore wind, Avangrid has signed long-term contracts for 501MW - 401MW for new projects and 100MW for repowered facilities - as well as 589MW in fixed price contracts for existing capacity. Iberdrola posted a net profit of € 1.518 billion in the first half of 2017, an increase of 4.2% over the same period in the previous year. The renewable business recorded € 819 million Ebitda, down by 2% in a period marked by low wind power generation in Spain, which was largely compensated by the good performance in the UK and USA where Ebitda grew by 31.7% and 2.8%, respectively. Higher prices and the revaluation of the Brazilian real have also boosted renewables business Ebitda in Latin America by 13%.