European Energy has reported a 200% rise in both second quarter earnings before interest, tax, depreciation and amortisation (EBITDA) and profit.
In Q2 EBITDA and profit reached €36.1m and €21.7m, respectively.
The company produced 457 GWh from its own assets during the quarter or approximately three times the amount compared with the same period in 2022.
Construction activities continue at a high pace and European Energy’s own renewable energy capacity totalled 1.1GW at the end of the quarter, representing a growth in excess of 100% compared to 2022.
“We are pleased with the results for Q2 2023.
“They are a result of a focused effort of connecting more renewable capacity to the grid,” said Jens-Peter Zink, deputy CEO of European Energy.
At the end of Q2 2023, the company had 987MW under construction, with a significant portion ready to be operational by year-end.
At the end of the second quarter, projects under development reached 34.2GW.
During the quarter, European Energy divested a total of 366MW, predominantly comprising a ready-to-build project in the US.
With an expected partial sale of the Kassø Solar Park and the Kassø Power-to-X Plant, the company is on track to achieve the expected project sales for the full year.
European Energy’s 2023 guidance is unchanged, with an EBITDA of €180m and a profit before tax of €140m with a margin of +/- 20 percent.