* Net 148.5 million euros misses 156 million forecast
* EBITDA 581.6 million euros vs 588 forecast in Reuters poll
* Installed capacity seen at 12.5 gigawatts by end-2010
MADRID, July 21 (Reuters) - World leading wind power generator Iberdrola Renovables said on Tuesday first half net profit reached 148.5 million euros, missing forecasts for 156 million from a Reuters poll of six analysts.
Renovables net profit fell 23.5 percent from a year earlier, with rising financial costs compounding the weak operating environment.
Core earnings increased 6 percent to 581.6 million euros, just under forecasts for 588 million, with the consolidation of U.S. unit Energy East since the end of 2008 improving the year-on-year comparison.
Higher amortization charges, mainly on the weakness of the dollar, contributed to a 13.8 percent decline in earnings before interest and taxes (EBIT).
The wind power generator expects its installed renewable generating capacity to reach 12.5 gigawatts by the end of 2010 compared with 9.3 at the end 2008, it said in a separate presentation.
(Reporting by Jonathan Gleave, Editing by David Cowell)