Denmark-based wind developer Orsted posted a net profit of DKK9.36 billion (~$1.26 billion) in the third quarter (Q3) of 2022, a massive jump of 1,821% year-over-year (YoY). The company earned DKK10.9 billion (~$1.46 billion) as a farm-down gain from the 50% divestment of the Hornsea 2 and Borkum Riffgrund 3 offshore wind farms.

Through the “farm down” or build-sell-operate model, developers sell stakes in renewable assets to institutional investors keen on long-term and stable yields.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at DKK12.32 billion (~$1.65 billion), an increase of 313% YoY.

“Despite the highly unusual and volatile period with war, high inflation, and increasing interest rates, Orsted has continued the build-out of renewable energy and the delivery of power and heat to our communities. Most of the power delivered was under fixed-price agreements or hedged,” said Mads Nipper, Group President and CEO of Orsted.

The net profit for the first nine months (9M) of 2022 stood at DKK15.32 billion (~$2.06 billion), a hike of 101% YoY. The EBITDA for the period was DKK25.36 billion (~$3.41 billion), a jump of 58%.

The company posted revenue of DKK96.6 billion (~$13 billion) for 9M 2022, an increase of 105% YoY.

Orsted installed 15,019 MW of offshore wind capacity in 9M 2022. The company also installed 4,160 MW of onshore wind and 661 MW of solar.

Orsted reached several milestones in the build-out of renewable energy during the quarter, including the acquisition of Ostwind, which expands the company’s European onshore portfolio into Germany and France with more than 1.5 GW of development pipeline projects.

Orsted had entered into an agreement to acquire 100% of Ostwind, onshore wind and solar developer, owner, and operator. The deal is based on an enterprise valuation of Ostwind of €689 million (~$705 million). The acquisition is part of Orsted’s strategy to expand its European footprint, which is key to its offshore business.

The company also partnered with Copenhagen Infrastructure Partners to develop 5.2 GW of offshore wind in Denmark.

In June, Orsted secured Є1,350 million (~$1,445 million) through the issuance of green senior bonds to finance its global build-out of renewable energy and green growth ambition of reaching 50 GW of installed capacity by 2030.

Last December, Johnson & Johnson signed two power purchase agreements with Orsted to procure power from its Sparta Solar in Texas in the United States and two wind farms in Ireland.