Danish renewables developer European Energy earnings before interest, tax, depreciation and amortisation in the second quarter of 2019 more than doubled on the same period last year, pushing the company into profit compared with a loss in 2018.
EBITDA was almost €2.9m in Q2, up from just over €1.1m in 2018, while profit was close to €1.8m compared with a loss of over €1.5m in the period last year.
European Energy sold six solar plants during the the second quarter in Spain with a combined capacity of 10.1MW and started construction of the 103MW Troia photovoltaic facility in Italy.
The company currently has projects totalling 204.7MW under construction, which includes three wind farms.
A further 251MW of wind power is ready-to-build, together with 178MW of solar developments.
Profit for the first half of the year stood at €19.9m, up from €471,000 in 2018.
European Energy chief executive Knud Erik Andersen (pictured) said: “With our business model it is important that we constantly have a high level of construction activity.
“Our team has done an excellent job so far. We acquired the Troia project in February this year, and four months later it is under construction.
“Before we bought the project, it had been sitting fallow for seven years.
“Ongoing construction activity in excess of 200MW will allow us to reach our long term targets.
“We are pleased that we have sold the Spanish projects and that the sales will generate significant liquidity for the group.
“It is important to point out that we are fully committed to the Spanish market in the future and currently we have a sizeable solar and wind portfolio under development here.”