European Energy has released its financial results for Q3 2024, highlighting its progress in renewable energy markets, Power Purchase Agreements (PPAs), and financial stability.
European Energy secured its first offshore establishment permit for the Lillebaelt Syd offshore wind project in Denmark, a 165 MW initiative co-developed with Sonfor, expected to become operational in 2029.
Additional developments include the construction of a 148 MW solar park in Latvia and a 26 MW wind park in Greece. These projects contributed to the company's total capacity of 1.1 GW under construction by the end of the quarter.
European Energy has signed PPA’s totalling over 1,700 MW year-to-date. The company also secured Contracts for Difference (CFD) auction wins representing an additional 200 MW.
"We have had a dynamic and highly productive 2024 at European Energy. However, some divestments originally planned for this year have experienced timing shifts. These delays are unrelated to the company’s strategic direction, which remains robust. While our growth continues, the pace will be slightly slower this year,” said Jens-Peter Zink, Deputy CEO of European Energy.
As a result, full-year EBITDA is now expected to align with the lower end of the previous guidance range of EUR 184 million, with a risk margin of +/- 10%. Profit-before-tax guidance has also been revised to reflect a decline compared to 2023, mainly due to the updated EBITDA expectations.
