European Energy ends Q2 with 1,129 MW under construction

Danish wind and solar developer European Energy A/S on Friday highlighted a large increase in its capacity under construction as it posted lower financial results for the second quarter of 2021.

At the midpoint of 2021, the company had 1,129 MW under construction across 26 projects in seven countries, which is more than four times the year-ago figure of 282 MW. European Energy has also added more than 4 GW to its development pipeline during the first half of 2021.

Chief executive Knud Erik Andersen said the period demonstrated the company’s capability of scaling up.

The CEO also said that the developer is seeing an increasing demand for electricity in many of its markets. "The demand for PPAs is at a record high and there is a long queue to enter into these contracts," he added.

The company recorded a net profit of EUR 1.4 million (USD 1.6m) in the second quarter, down from EUR 2.3 million in the same quarter of 2020.

Earning before interest, taxes, depreciation and amortisation (EBITDA) declined by 26% to EUR 7 million, while revenue fell 30% to EUR 26 million, both reflecting less sales of energy parks. Electricity sales, however, increased 14% to EUR 10.3 million.

In the first half, EBITDA declined to EUR 12.6 million from EUR 19.7 million a year ago, and revenue dropped to EUR 38.1 million from EUR 65.9 million.

(EUR 1 = USD 1.177)

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