Eesti Energia has reported a profit of €27m in the third quarter of 2022, compared with a net loss of €15m in the same period in 2021.
Normalised EBITDA was €93.8m in the third quarter, almost three times higher than in the same period last year, which was €33.6m.
Nine-month EBITDA more than doubled compared to last year to €299.9m.
The group earned more than 60% of its electricity sales revenue outside Estonia.
Fast growth and profitability enabled Eesti Energia to more than double its investments compared to last year, amounting to €124m, the majority of which has gone into the construction of wind farms and solar parks.
“Compared to last year, we have increased our investments in renewable energy fivefold, obtained the second largest market share in Latvia and Lithuania, and hired more than 700 new employees,” said Andri Avila, CFO of Eesti Energia.
He added that Eesti Energia plans to invest nearly €2.5bn over 2022-2026, most of which in the construction of new wind farms and solar parks in the group’s home markets.
The group invested €52m in renewable energy in the third quarter of 2022, while in nine months a total of €105.2m was invested in new wind farms and solar parks.
The group made its largest investments through the listed company Enefit Green in the Tolpanvaara wind farm (€5.6m), Šilale wind farm (€19.2m), the Akmene wind farm (€8.7m) and Purtse wind farm (€3.4m).
In addition, €2.7m was invested in the development of a solar park in Purtse and €2.9m in the development of the solar park in Zambrow.
“These facilities will cover the annual electricity consumption of more than 200,000 households, first of these will start to produce reasonably priced electricity to the market in the first quarter of next year,” Avila said.