European Energy has reported a 20% increase in operational profits for the first half of 2021, compared to the same period last year.
The rise to €12.6m was mainly due to the divestment of its energy parks, the company said.
However, European Energy is installing more than four times as much green energy capacity in the first half of 2021 compared to the same period last year.
At the same time, the Group’s quarterly report for the second quarter shows an increase in the number of employees and significant investment growth.
European Energy has invested heavily in new projects in the first six months of 2021, it said.
At the end of the first half-year, European Energy had 1129MW of new green energy capacity under construction across 26 different projects in seven countries – and most of these projects are expected to be grid connected by the end of the year.
This is more than four times as much as the corresponding period in 2020.
In addition the company’s development pipeline has grown by more than 4GW of energy capacity during the first half of 2021.
Less than a year after European Energy invested in the Power-to-X company REIntegrate the Group has secured several contracts – among others for the production of e-methanol for the heavy transport sector.
It shows a clear demand for renewable energy in a world that is increasingly being powered by CO2-free electricity.
The new green projects in European Energy have attracted a lot of attention from the investor market.
This has resulted in several successful financing rounds, including the issuance of a new hybrid bond on NASDAQ for €75m.
As a result, the equity in the company currently stands at €315.9m. Revenue during the first half of 2021 was €38.1m.
Chief executive Knud Erik Andersen (pictured) said: “This first half of 2021 shows that we are very much capable of scaling up and developing excellent green projects in the markets in which we operate.
“The projects we have under development are so promising that we are attracting great interest from many investors.
“We are satisfied with the attention our business is receiving from investors and see this as a consequence of the growing awareness of the enormous climate challenges facing the world.
“As front-runners in combatting climate change, we need to scale up our activities worldwide, and have managed to do so over the past year, while still running with positive net result.”
The quarterly report also shows an increase in earnings from the sale of electricity, which is a consequence of the addition of power producing assets constructed by the Group.
Simultaneously, electricity prices has increased following the increasing electrification around the globe.
Andersen added: “We are seeing an increasing demand for electricity in many of our markets. The demand for PPAs is at a record high and there is a long queue to enter into these contracts.
“Without doubt, one of the explanations for this increase is the fact that we will need more green electricity to secure the electrification of society in the coming years – including in sectors that have not been powered by electricity before, such as the heavy transport sectors of freight, transport and aviation.”