Terna Energy posts higher adjusted profit, revenues in H1

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

October 1 (Renewables Now) - Greek renewable power producer Terna Energy (ATH:TENERGY) booked an adjusted net profit of EUR 28.9 million (USD 33.8m) in the first half of 2021, up from EUR 25.8 million a year earlier.

The company’s performance in the period was burdened by a EUR-94.4-million one-off loss from the divestment of three wind farms hit by the extreme freeze in Texas in the first quarter. The move, as previously announced, was one of three solutions offering the lowest possible impact on Terna Energy’s financial results.

Including the US discontinued operations, Terna Energy registered a loss before taxes of EUR 57.8 million, against a profit of EUR 32.8 million a year earlier.

The Greek group, which has 895 MW of installed wind, solar and storage capacity in its portfolio, reported on Thursday a 19.6% year-on-year increase in consolidated sales from continuing operations, which reached EUR 139.6 million. The production of electricity brought EUR 98.5 million, while electric energy trading revenues amounted to EUR 26.6 million.

Amounts in EUR million H1 2021 H1 2020
Consolidated sales 139.6 116.7
-- from electricity production 98.5 92.3
-- from electric energy trading 26.6 16.3
-- from construction 6.5 1.7
-- from concessions 8.1 6.4
EBITDA 68.3 67.8
Adjusted net profit 28.9 25.8

Terna Energy has set a long-term goal of reaching a 3-GW portfolio of wind, solar and energy storage capacity in operation in five years. It said that its plan is “evolving smoothly but also intensively in all areas of activity”.

At the end of June, the company had more than 1.3 GW of wind, solar photovoltaic (PV) and storage systems in operation, under construction or with a shovel-ready status in Greece, Central and Eastern Europe. An additional 1.8 GW of wind projects in Greece are in the final stages of licensing, while some 1.7 GW of solar schemes are being planned. Projects in the offshore wind sector are also being considered under a joint venture with Ocean Winds.

(EUR 1.0 = USD 1.171)

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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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