European Energy has reported an EBITDA loss of just over €11m for the first nine months of 2024.
This is a decrease of €138m compared to the previous year, with the decline primarily resulted from less sales of energy parks and projects and sale of energy.
Revenue declined during the period by 61% to €111.9m, mainly due to lower sales of energy parks and sale of energy.
During the report period European Energy secured its first offshore establishment permit for the Lillebaelt Syd offshore wind project in Denmark, a 165MW initiative co-developed with SONFOR.
Expected to become operational in 2029, the scheme will provide electricity for approximately 148,000 households.
Additional developments include the construction of a 148MW solar park in Latvia and a 26MW wind park in Greece.
These projects contributed to the company’s total capacity of 1.1GW under construction by the end of third quarter 2024, European Energy said.
The developer reported achieved record results in PPAs, signing agreements totaling over 1.7GW year-to-date-the highest contracted capacity in the company’s history.
The company also secured Contracts for Difference (CFD) auction wins representing an additional 200MW.
These agreements provide a robust foundation for the company’s 2025 construction pipeline, the directors said.
European Energy deputy chief executive Jens-Peter Zink said: “We have had a dynamic and highly productive 2024 at European Energy.
“However, some divestments originally planned for this year have experienced timing shifts.
“These delays are unrelated to the company’s strategic direction, which remains robust. While our growth continues, the pace will be slightly slower this year.”
As a result, full-year EBITDA is now expected to align with the lower end of the previous guidance range of €184m, with a risk margin of +/-10%.
Profit-before-tax guidance has also been revised to reflect a decline compared to 2023, mainly reflecting the updated EBITDA expectations.
Chair of the board of directors at European Energy Jens Due Olsen added: “Despite challenges on the divestment side, we are seeing excellent traction in other areas of European Energy.
“Notably, there are major positive developments in our Power-to-X initiatives, setting the stage for an exciting close to the year.”
To support future growth, European Energy issued a €375m bond in November.