Germanys BayWa AG has posted significant EBIT growth for the third quarter of the year, predicated on a strong showing for the firms renewable energy division, BayWa r.e.

According to Q3 results published today, BayWa r.e. saw its EBIT rise year-over-year to 75.3 million, up from 74.5 million over the same period in 2014. Revenue was marginally short of the previous years performance  reaching 11.1 billion for the first nine months of the year, down from 11.4 billion in 2014  but positive developments characterized the companys clean energy ventures.

Revenues and EBIT for BayWa r.e.s renewable efforts came in at 580.9 million and 25.6 million respectively, over the first nine months of the year. The EBIT increase was 25.3% despite a decline in solar PV trading in Europe.

Wind power projects in the U.S. accounted for the lions share of the firms robust renewable performance, the company said. However, six major solar and wind projects, with a combined capacity of 114.5 MW, were successfully sold in Q3 alone.

"We are only able to post these results after the first nine months of the year thanks to the good results in international grain trading and the outstanding development in Europe and U.S. renewable energies project development business," said BayWa AG CEO Josef Lutz.

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