European Energy has reported €78m in earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter of 2023, up from €20m in the same period in 2022.
Q3 2023 profits before tax reached €59m compared with €10m in the same period in 2022.
The nine-month EBITDA of €127m, compared with €97m in the first nine months of 2022.
In Q3 2023, the results were positively impacted by power sales and the divestment of 49% of the Kassø Power-to-X Plant and Kassø Solar Park to Mitsui & Co.
While solar and onshore wind dominate the company’s pipeline, European Energy also sees offshore wind is progressing and expects the first in-house developed projects to be ready for a final investment decision by late 2025.
“I am pleased that the company has delivered a solid Q3 this year.
“European Energy’s diverse pipeline with solar and onshore wind in various markets allows us to leverage these technologies’ current financial strengths,” said Knud Erik Andersen, CEO of European Energy.
European Energy continues to expand its gross pipeline, which exceeded 60GW by the end of the quarter.
The net pipeline has during the last year increased by 11GW and for the first three quarters of 2023 more than 1.7GW of projects has matured into the ready to build phase.
A key contributor to the solid results is the diversification of the company’s revenue streams.
European Energy has a wide variety of projects that can be divested, as well as a large IPP portfolio of operating renewable energy assets.
While the divestment of projects has contributed to a positive result, European Energy has set a record for the largest amount of power generated in one quarter.
The company managed assets that produced more than 1TWh during the third quarter of 2023, of which its own assets delivered some 535GWh.
“The quarter shows European Energy’s ability to maintain the profitability of the projects despite volatile market conditions.
“The hybrid business model of having a solid base of power sales combined with project divestment gives confidence for future growth,” added Jens Due Olsen, Chair of the Board at European Energy.
European Energy’s 2023 guidance remains unchanged.