Eesti Energia recorded €33m net profit in the second quarter of 2022, marking a 278% rise from the same period last year.
Operating profit before depreciation (EBITDA) stood at €79.8m for the three months, up from €32.1m a year ago, while revenues were up 73% year-on-year to €416.6m.
The Estonian developer said it had invested almost €40m in renewable energy production during the second quarter and plans to spend around €2.5bn over the next four years, most of which will be for the construction of new wind and solar projects in its home markets.
Its financial director Andri Avila said: “Eesti Energia needs to invest billions to increase affordable and environmentally friendly electricity production and improve energy independence.
“Only by operating profitably will we be able to implement these plans.”
The developer’s Tolpanvaara wind farm in Finland, the Akmene and Šilale II wind farms in Lithuania, the Purtse wind farm in Estonia, two solar farms in Poland and one in Estonia are currently in construction – a total of 258MW production capacity.