Rising sales help Terna Energy grow 2021 net profit to EUR 67.8m

Greek renewable power producer Terna Energy (ATH:TENERGY), the renewables arm of conglomerate GEK Terna, closed 2021 with a net profit of EUR 67.8 million (USD 72.4m), up from EUR 50.6 million a year before.

The improvement mirrors the 15.7% year-on-year increase in revenues, which reached EUR 224.4 million, the group’s full-year report shows. GEK Terna’s renewable energy division owns 895 MW of installed power generation capacity at home, in Poland and Bulgaria. More than 763 MW of the total comes from renewable power plants in Greece.

At EUR 118.6 million, the company’s operating profit in 2020 rose from EUR 91.4 a year before, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slipped by 16.7% to EUR 161.5 million.

Currently, Terna Energy is building the 330-MW Kafireas wind farm on Evia island in the Mediterranean, set to go online in 2023, and is preparing the launch of construction of several solar photovoltaic (PV) plants this year. Among the solar projects in its pipeline are the 110-MW Fokidas and the 75-MW Kossos, entailing a combined investment of close to EUR 100 million.

Terna Energy aims at having more than 6.4 GW of installed renewable energy capacity by 2029, including roughly 4 GW of wind and solar parks and 1.25 GW of hydropower stations.

(EUR 1.0 = USD 1.068)

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