In Q2 and H1, European Energy continued its growth trajectory. Financially, Q2 EBITDA and profit before tax both grew by more than 200% compared to Q2 2022, to EUR 36.1 million and EUR 21.7 million, respectively.
European Energy’s own renewable energy capacity totaled 1.1 GW at the end of the quarter, representing a growth rate in excess of 100% compared to 2022. The company produced 457 GWh from its own assets during the quarter, or approximately three times the amount compared with the same period in 2022.
At the end of Q2 2023, the company had 987 MW under construction, with a significant portion ready to be operational by year's end. Moreover, the project pipeline continues to grow. At the end of the quarter, projects under development reached 34.2 GW, with projects in the screening phase adding a potential of 25 GW more.
During the quarter, European Energy divested a total of 366 MW, predominantly a ready-to-build project in the US. With an expected partial sale of the Kassø Solar Park and the Kassø Power-to-X Plant, the company is on track to achieve the expected project sales for the full year. European Energy’s 2023 guidance is unchanged: an EBITDA of EUR 180 million and a profit before tax of EUR 140 million with a margin of +/- 20 percent.
