European Energy is maintaining its 2020 outlook and expects profit before tax to reach €35-39m, despite the coronavirus pandemic impacts.
The Danish renewables developer anticipates earnings before interest, tax, depreciation and amortisation (EBITDA) for 2020 to be in the €52-58m range, compared with €44.3m in 2019.
European Energy said it continues to see interest for its energy parks among institutional investors.
The company’s second key business area, electricity sales, is “not materially impacted” by current low power prices in Europe, owing to most sales being done via long term offtake agreements.
European Energy chief executive Knud Erik Andersen said: “Of course, we are impacted by the COVID-19 situation and we need to be as vigilant as possible.
“We have seen some minor interruptions at construction sites in some markets and most of our employees have been working from home for some time now. However, we are confident that we still can reach our financial targets for 2020.
“Our suppliers and partners have continued to deliver products and works on schedule while our own employees have shown remarkable commitment and resilience in this situation. This is why we can release our annual report with an unchanged financial outlook.”
The company said it will only fill critical positions at this time while limiting new capital-intensive activities.
Andersen added: “We continue to be careful and monitor the current situation as it evolves. In order to deliver on our projections everybody at European Energy has taken a step up as our colleagues have proven they can do, time and time again.”
European Energy will release its interim report for the first quarter of 2020 on 27 May.