PNE Group recorded €19m in earnings before interest and tax (EBIT) for 2019, well within its guidance of €15-20m.
Earnings before interest, tax, depreciation and amortisation (EBITDA) reached €31.6m for 2019, exceeding the €25-30m guidance, according to the company.
PNE operates wind farms with an installed capacity of 130MW but will expand the portfolio of internally operated projects, primarily in Germany, to up to 500MW by the end of 2023 as part of a new strategy to “stabilise sales and earnings at a high level”.
PNE Group chief executive Markus Lesser (pictured) said: “With the decision to strengthen our in-house wind farm operations, we are consistently implementing the new strategic orientation of the PNE Group. This is intended to further increase sales and earnings, as already envisaged in our strategy with the ‘scale-up’ concept, and to reduce the usual fluctuations inherent in project development.
“This can now be realised earlier than originally planned. We will retain the wind farms that have been developed, built and already operated as part of the wind farm portfolio 2020 in our in-house operations, manage them ourselves and benefit from regular income from electricity generation.”
PNE’s management and supervisory boards made a decision not to continue with the planned sale of the wind farm portfolio in 2020, to achieve the medium-term guidance to increase average EBIT by 30-50% by 2023, or earlier.
Individual projects, overseas, will still be marketed, said the company.
PNE’s domestic and international pipeline is in excess of 5200MW in various phases of project development.