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ACCIONA net profits rise 255% to €1,229m over last 9 months

ACCIONA registered a net profit of €1,229 million in the first 9 months of 2009, a rise of 255% compared to the same period of last year.

Turnover fell 9.8% to €4,697m and EBITDA fell 4.8% to €711m primarily due to the decline of the average energy pool price in Spain (41%) and the current economic downturn.

ACCIONA invested a total €3,858m over the period, nearly three times more than the same period of 2008. The investments included €2,759m for the acquisition of 2,002 MW of wind and hydro assets from Endesa, in accordance with an agreement with Endesa and Enel.

They also include €1,099m of organic investments, in particular €848m for ACCIONA Energy and €136m for ACCIONA Infrastructure.

ACCIONA Energy made the greatest contribution to total group EBITDA (55.7%), with €404m, 3.5% less than the same period last year.

ACCIONA says it has offset the sharp dip in average energy prices in Spain (-41%) and the fall in activity of its wind and solar power activities with a 66% increase in installed capacity.

At 30 September, 2009, ACCIONA’s total installed capacity came to 7,308 MW, of which 2 GW were accounted for by renewables assets (wind and hydro) acquired from Endesa.

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