European Energy sells 17 MW of wind parks in Finland

A day after reporting the largest third-quarter pre-tax profit in the group’s history, Danish wind and solar developer European Energy A/S said on Friday it has closed the sale of a 17.25-MW wind portfolio in Finland.

The group announced it has disposed of three Finnish wind parks to a fund managed by Swiss company Re:cap Global Investors for an undisclosed sum. In total, these plants comprise five Vestas V126 3.45 MW turbines. They represent the first projects sold by European Energy in Finland, CEO Knud Erik Andersen said.

On Thursday, the group posted a pre-tax profit of EUR 11.6 million (USD 13.8m) for the third quarter of 2017 and of EUR 17.1 million for the year-to-date period. The result benefited from the sale of energy farms in Brazil, Germany, the UK and Denmark, European Energy said, adding that it is currently developing wind and solar projects in Finland, Italy and Brazil.

Third-quarter revenue amounted to EUR 96.8 million, nearly doubling from the EUR 48.8 million generated a year earlier.

During the three-month period, the group hooked to the grid 19 MW of wind capacity. It is currently building 182 MW of wind and solar parks while preparing to start work on a further 155 MW.

(EUR 1.0 = USD 1.187)

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