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New renewables capacity helps Terna Energy grow 9-mo earnings

Wind turbines. Photo by: Terna Energy (www.terna-energy.com).

November 30 (Renewables Now) - Greek renewable power producer Terna Energy (ATH:TENERGY) on Friday posted a 36.3% year-on-year rise in net earnings after minority interests for the first nine months of 2018, mainly thanks to capacity expansions.

As of end-September, the company had 986 MW of installed renewable energy capacity, in Greece, the US and southeastern Europe. The bulk of that capacity, or 561 MW, is located at home and 293 MW is in the US.

Terna Energy closed the first nine months of the year with a net profit after minority interests of EUR 25.9 million (USD 29.5m). Its pre-tax earnings increased by 33.6% to EUR 42.8 million, while total earnings before interest and tax (ΕΒΙΤ) came at EUR 84.4 million, growing 20.2%. Еarnings before interest, tax, depreciation and amortisation (EBITDA) marked a 12.4% improvement in annual terms to EUR 120 million. Sales remained almost unchanged at EUR 208.5 million, edging up from EUR 208.4 million.

Below is a breakdown of the company's revenues:

in EUR million 9mo 2018 9mo 2017
electricity production 154.4  125.5
energy trading 9.6 8.2
construction 13.2 30.3
concessions 31.3 44.4

At present, Terna Energy has 301 MW of renewable energy projects under construction or ready to be built. The company recently started building a 158-MW wind farm in the US, its third wind power facility in the country. Overall, its operational, under-construction or fully licensed capacity at the end of September stood at 1,286 MW. The company aims to expand its operational portfolio to 2 GW.

(EUR 1.0 = USD 1.137)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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