Offshore wind giant Orsted has reported a spike in profit in the third quarter 2019 alongside a slight slide in revenues.
The Danish firm saw its Q3 pre-tax profits jump to £808 million, up from £647 million across the same period last year.
But the firm also experienced a dip in revenue from £6.1bn in 2018 to £5.2bn in the third quarter of this year.
Orsted also announced that 83% of it energy generation portfolio now comes from solely renewable energy.
The firm has a target of 99% by 2025.
Orsted’s chief executive and president, Henrik Poulsen, said: “We had a very strong third quarter with high wind speeds and ramp-up generation from new wind farms.
“We are very pleased with the strong results and strategic progress during the third quarter as we continue to expand our position as a global leader in green energy.”
Thus month, orsted announced that it had signed an agreement to sell of more than £470 million in transmission assets at its Race Bank Offshore Wind Farm.
The Danish firm said it will offload the site’s onshore substation, export cables and the offshore substation to Diamond Transmission Partners.
Race Bank Wind Farm is located more than 16 miles off the coast of Norfolk.
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