PNE's H1 EBITDA rises 31% y/y, pipeline reaches 11 GW

German renewables developer and operator PNE AG (ETR:PNE3) on Wednesday reported earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2022 of EUR 17.5 million (USD 17.9m), representing an increase of 31.4% from a year earlier, driven by power generation.

Revenues rose to EUR 52.1 million from EUR 40.7 million, while aggregate output expanded to EUR 105.2 million from EUR 93.8 million in the same period of 2021.

Net profit was up to EUR 10.4 million from EUR 1 million, aided by extraordinary interest income related interest rate swaps and loan liabilities.

The company said its pipeline of wind and photovoltaic (PV) projects increased significantly over the past year to 9.1 GW, with the recent acquisition of 51% in Coliaenergia ESPANA (KOLYA) further boosting it to 11 GW.

The portfolio of wind farms operated by the company, meanwhile, stood at 261 MW and another 124 MW is now under construction for PNE's own operations. The company aims to have up to 500 MW under construction or in operation for its own portfolio by the end of 2023.

According to chief executive Markus Lesser, PNE is “excellently positioned for further development, although the market environment is becoming more challenging in terms of raw material and purchasing prices as well as delivery times. The CEO expects this to be partially compensated for by the increase in electricity prices.

PNE confirmed its full-year forecast for EBITDA of EUR 20 million-30 million.

(EUR 1 = USD 1.025)

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