Danish renewables developer European Energy said third quarter earnings before interest, tax, depreciation and amortization (EBITDA) of €3.9m has put it in on track to notch full-year earnings of €40-45m thanks to increased wind output.
European Energy’s operational assets increased in the three months up to September by 51MW to 298MW on the same period last year.
The increased assets contributed to profit before tax of €5.5m for the quarter and year-to-date profit before tax of €27.9m.
The company’s wind capacity stood at 272MW compared to 168MW in the third quarter of 2018.
Power generation from wind tallied 79.2 gigawatt-hours in third quarter 2019, up from 55.6GWh a year earlier. Year-to-date wind output stood at 242.2GWh.
By the end of the third quarter, European Energy had five wind projects under construction: the 53.2MW in Sweden, the 6MW Grzmiaca in Poland, and the 3.5MW Oberbarnim, 26.1MW Vier Berge and 14.4MW Viertkamp in Germany.
The company acquired German developer AEZ during the third quarter, which has pipeline of 30 operating Enercon wind turbines and 92 wind turbines under technical and commercial asset management.
European Energy also announced during the period two multi-year PPAs with Google for the 55MW Roedbyfjord and 27MW Naessundvej solar farms in Denmark.
Naessundvej is expected to be completed in Q2 2020, while construction of Roedbyfjord will kick off next year.
The company’s solar capacity meanwhile stood at 26MW as of 30 September, down from 79MW a year ago due to disposals.
Solar generation during the third quarter totalled 13GWh and 42.1GW in the first nine months of the year.