Swedish developer Eolus Vind turns to EUR-10m profit in 2022

Swedish renewables developer Eolus Vind AB (STO:EOLU-B) today reported net profit of SEK 116 million (USD 11.1m/EUR 10.4m) for 2022, against a loss of SEK 24 million in the previous year.

In 2022, Eolus sold renewable energy projects totalling 1,010 MW -- the 260-MW Stor-Skalsjon wind project in Sweden and a solar-and-battery project in the US of 750 MW.

In the final quarter of the year, the company swung to a net profit of SEK 41 million from a SEK-7-million loss a year earlier.

Net sales in the period mainly came from recognition of an increased percentage of completion in the 400-MW Oyfjellet onshore wind project in Norway, the construction management agreement for Stor-Skalsjon and the sale of the US solar and battery storage project in October.

Some financial figures are in the table below.

During the quarter, Eolus expanded its project portfolio by more than 4 GW mainly as a result of the exploration permit granted by the Finnish and Swedish governments for the Tuulia and Wellamo offshore wind power projects at the end of December, said chief executive Per Witalisson.

The company's portfolio now approaches 22 GW.

(SEK 1 = USD 0.096/EUR 0.090)

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