European Energy releases Q3 report

European Energy has released its financial results for Q3 2024, underscoring its advancements across renewable energy markets, Power Purchase Agreements (PPAs), and financial resilience.

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, this project will provide electricity for approximately 148,000 households.

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 achieved record results in PPAs, signing agreements totaling over 1,700 MW year-to-date—the highest contracted capacity in the company’s history. The company also secured Contracts for Difference (CFD) auction wins representing an additional 200 MW. These agreements provide a robust foundation for the company’s 2025 construction pipeline.

“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,” says 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 reflecting the updated EBITDA expectations.

“Despite challenges on the divestment side, we are seeing excellent traction in other areas of European Energy. Notably, there are major positive developments in our Power-to-X initiatives, setting the stage for an exciting close to the year,” says Jens Due Olsen, Chair of the Board of Directors at European Energy.

To support future growth, European Energy enhanced its financial flexibility by issuing a EUR 375 million bond in November. The issuance offers improved terms, reinforcing the company’s position for continued expansion.