European Energy strategy produces strong results

DENMARK: Renewable energy developer European Energy has recorded pre-tax profit of €25.8 million for 2017, an increase of 44% on the previous year.

European Energy reported strong results in 2017 on the back of project sales
European Energy reported strong results in 2017 on the back of project sales

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The Danish firm, which develops and builds wind and solar projects before selling them to third parties, saw revenues also exceed expectations, totaling €186.7 million in 2017, a 30% increase year-on-year.

Following the second quarter, Europe Energy upgraded its outlook for the year, targeting revenues of €150-175 million, up from €130-€170 million, and pre-tax profit of €23-€26 million, up from €17-€22 million.

"We are pleased with the results of 2017. We reached our financial target and we perceive the result as a confirmation that we have the right strategy for the years to come," said CEO Knud Erik Andersen.

"The year has been characterised by a high activity level on our core markets but we have also succeeded in developing and selling our first projects in Latin America," Andersen added.

In the course of the year, European Energy divested 101.5MW of wind capacity and 111MW of solar, it said. A further 229.6MW of renewable capacity was under construction, with a pipeline of 271MW ready to build, the firm added.

European Energy expects similar results in 2018.

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