European Energy has reported a significant rise in profitability in Q3 2022 following the expansion of its development pipeline.
The renewables developer reported an EBITDA of €19.2m and profit before tax of €9.8m.
In Q3 2021, the company achieved EBITDA of €5.5m and profit before tax of €9.6m.
At the end of the third quarter of 2022 European Energy had 1.4GW of new green energy projects under construction across nine countries.
The development pipeline in Q3 2022 is at 25GW compared to 19GW in Q3 2021.
These solid financials cement European Energy’s position as one of the leading global developers of renewable energy projects, according to the company.
European Energy chief executive Knud Erik Andersen said: “The results for the first three quarters of 2022 indicate that we are on our way to completing another solid year.
“Right now, we strive to keep up this pace and do all we can to develop, design, construct and connect as many renewable projects as possible before the end of the year.”
European Energy has taken investment decisions for almost 120MW in Germany.
In Italy the group has received environmental approval for more than 330MW.
Additionally, European Energy has received planning permission for more than 180MW in the UK.