Eurowind Energy has pledged to increase renewables investment after recording strong results for 2022/23 in its latest published figures.
The Danish developer reported a revenue of €232m compared to €173m the year before, with a profit before tax of €315m against €116m in 2021/2022.
The results include the end of the summer and autumn 2022, when the European energy markets experienced an unrest unmatched since the oil crisis in the 1970s the company said.
“Every Euro we make will be reinvested in the next solar panel or wind turbine,” said Eurowind Energy chief executive Jens Rasmussen (pictured above left).
“We will use the profit to increase our activity level. In all our markets there is great demand for what we can deliver: cheap green energy, which is also the cure for the disturbance on the energy market.
“The earnings from our existing facilities and Norlys Energy Trading help accelerate the green transition.”
The increase in profit originates from an increased activity level, higher power prices, and income from the ownership of Norlys Energy Trading said the company.
“Our results show that we have a strategy that is also is valid when the seas are high,” Rasmussen added.
“That is positive, but let me emphasise that we also consider it positive that the prices came down fairly quickly. Neither producers nor consumers benefit from market conditions like the ones we saw in August-September 2022 in the long term.
“There will always be price variations in a free market, but what we experienced was an almost physical reaction from the immediate weaning from Russian gas, a “cold turkey” if you will.”
Chairman of the board of directors Gert Vinter Jorgensen added: “It is very satisfactory that our strategy is robust when the world is marked by unrest.
“It is by no means a natural law that energy companies get through troubled times this well.
“Now Eurowind Energy is well equipped to increase the activity level even more in the coming years.
“We expect to invest hundreds of millions of Euros already in the current financial year. That is great for the green transition in all of Europe and the USA.”
At the end of the financial year, The developer had energy parks with a combined capacity of more than 1.1 GW, of which 1047MW were wind farms it said. Together, the parks produced more than 2TW/h in 2022-2023, which corresponds to the consumption of approximately 515,000 European households.
The company added its portfolio of development projects jumped from 25.5GW on 30 June, 2022, to 34.4GW on 30 June in 2023, with a technology distribution of 50% wind, 44% solar PV, and the remaining 6% in biogas and storage.
Eurowind Energy expects profit before tax to reach €60m to €100m in 2023/2024. The outlook for 2023/2024 is to a great extend a result of the normalisation of the European energy markets it said.