Danish renewables developer European Energy profit before tax increased by over 100% in the second quarter of 2020, compared with the same period of 2019.
European Energy profit before tax was almost €3.7m in Q2, up from just over €1.7m last year.
Revenue was more than €37m in the latest quarter, compared with €3.3m in 2019, while EBITDA rose to €6.5m from almost €2.9m.
European Energy said the good showing in the quarter was down to a number of divestments and the sale of renewable electricity.
These included the sale of four Vestas V126 3.6MW turbines in Viertkamp, Germany, to Encavis.
The first downpayment has also been received on three Enercon E126 and four E138 machines with a total capacity of 25.8MW sold to the capital fund CEE RF6 Holding.
The company has also divested the Danish solar park Hanstholmsvej since the end of the second quarter.
Electricity sales were up by 120% in the second quarter of 2020 compared with the same period in 2019, it added.
“When the profit from these divestments are recognised later this year, more than 80% of the expected gross profit for the year will be secured,” European Energy said.
European Energy chief executive Knud Erik Andersen said: “We are pleased to report that European Energy delivers healthy and profitable growth in the first half of 2020, as we maintain our expectations for our annual targets.”
European Energy said construction activities are high and unaffected by the Covid-19 crisis, although extra precautions are being taken at sites in Denmark, Poland, Germany, Italy and Brazil.
More than 1127MW is currently under construction or ready-to-build across all its solar and wind power projects.
“Despite the unfolding Covid-19 crisis, our business activities have remained high in all key markets,” the company said.
“Consequently, we believe that a second Covid-19 wave will have very limited impact on our activities,” it added.