Eolus Vind has reported a net loss in the second quarter of 2024 of Skr50m (€4m), compared with Skr422m in the same period of 2023.
In the first half of 2024 the company reported a net loss of Skr82m compared with Skr407m for the first half of 2023.
The company cited the continued reduced level of activity in the renewable energy market in Europe.
At the end of Q2 2024 Eolus had 967MW under management compared with 817MW in Q2 2023 and this was unchanged in H1 2024.
CEO Per Witalisson said: “We can confirm that the slightly lower level of activity in the renewable energy market in Europe has continued.
“Sales processes are taking longer and the cost increases of recent years are affecting the profitability of projects.
“We are seeing, however, a continued interest from energy companies, financial investors and major electricity consumers to invest in renewable energy.
“Cost levels are normalizing, interest rates are falling, and we therefore assess that the future looks positive overall in our markets.
He added: “The US is perhaps the most exciting market and still has considerable potential.
“Having been active since 2015, Eolus holds a strong position in the US and has a strong project portfolio with wind, solar and energy storage projects as well as hybrid projects.
“We continue to expand and refine our project portfolio and during the quarter, we added several new onshore wind and solar projects in Sweden and Poland.
“The total project portfolio now amounts to 28.4GW.”
Highlights for the period include Eolus submitting a permit application to the government for the 2.2GW offshore wind power project Skidbladner north of Gotska Sandon in Sweden.
Magnus Axelsson, Chief Operating Officer and deputy CEO, and Helene Sebren, Head of HR, decided to leave Eolus as of 30 June and 30 September 2024, respectively.
Christer Baden Hansen, formerly Chief Commercial Officer, was appointed Chief Operating Officer and deputy CEO of Eolus with effect from 1 July 2024.