Danish renewables developer European Energy expects to record earnings before interest, taxes, depreciation, and amortisation for 2020 of around €60m, up from its guidance of €52-58m.
The company said it has recorded “solid growth” across its operations despite the Covid-19 pandemic.
Profit before tax will remain within guidance of €35-39m and come it at around €37m.
“We are very satisfied to report solid growth of our business despite the Covid-19 crisis. We now also expect business activities to grow considerably in 2021,” said chief executive Knud Erik Andersen.
The developer expects to start construction of over 1GW of solar and wind in 2021 and connect around 750MW in the next 12 months.
“The ambitious goal for 2021 requires a great deal from our colleagues and partners. We are however confident that we can achieve this together and create the biggest and most positive footprint in our company’s fight against climate change to date,” added Andersen.