Danish renewables outfit European Energy reported profit, earnings and revenue all up in 2019, compared with the previous year.
The company made a profit almost €37.5m last year, up from just under €30.0m in 2018, while EBITDA rose to more than €44.3m from over €33.6m.
Revenue soared to €238.8m in 2019 from almost €96.2m the year before.
European Energy said the results reflect a shift from being solely a developer of renewables projects, and its transition to becoming partly a developer and partly an independent power producer.
Electricity sales for the first time generated more profit for the company than the sale of energy plants.
The company said electricity sales grew to €30.5m last year, up from €19.8m in 2018.
Operational assets more than doubled to 371MW in 2019, from 173MW in the previous 12 months, it said.
Assets owned by European Energy produced 458.2 gigawatt-hours of electtricity in 2019, up from 327.5 GWh in 2018.
European Energy chief executive Knud Erik Andersen said: “We are very pleased with the year. Our business experienced growth on all parameters.
“Our transition from solely developer to an IPP has been very organic.
“It allows us to have more recurring revenue flowing into the business. At the same time, we have increased our sale of energy farms.
“We see this as natural growth and maturing of our business.
“In the future, we expect to maintain a healthy balance between electricity sales and the sale of energy farms; of course, with the possibility of some fluctuations year-on-year.”
In 2020, European Energy expects EBITDA in the range of €52-58m and profit before tax to be €35-39m.