Danish renewable energy developer Eurowind Energy has revealed robust financial results for the fiscal year 2022/23, signaling its commitment to expanding investments in renewables. The company reported a noteworthy increase in revenue, soaring from €173 million in the previous year to €232 million, accompanied by a remarkable surge in profit before tax, reaching €315 million compared to €116 million in 2021/2022.
Eurowind Energy attributes this financial success, in part, to the challenges faced by the European energy markets during the summer and autumn of 2022, characterized by unrest unparalleled since the oil crisis of the 1970s.
Jens Rasmussen, Chief Executive of Eurowind Energy, emphasized the company's dedication to reinvesting every earned Euro into advancing renewable energy infrastructure. Rasmussen stated, “We will use the profit to increase our activity level. In all our markets, there is great demand for what we can deliver: cheap green energy, which is also the cure for the disturbance on the energy market.”
The financial gains were propelled by heightened activity levels, increased power prices, and revenue generated from the ownership of Norlys Energy Trading, according to the company.
Rasmussen acknowledged the positive aspects of the market's resilience to turbulent conditions but also underscored the importance of price stability. He commented, “There will always be price variations in a free market, but what we experienced was an almost physical reaction from the immediate weaning from Russian gas, a ‘cold turkey' if you will.”
Gert Vinter Jorgensen, Chairman of the board of directors, expressed satisfaction with the company's resilient strategy during turbulent times. Jorgensen noted, “Now Eurowind Energy is well equipped to increase the activity level even more in the coming years. We expect to invest hundreds of millions of Euros already in the current financial year. That is great for the green transition in all of Europe and the USA.”
At the close of the financial year, Eurowind Energy boasted energy parks with a combined capacity exceeding 1.1 GW, with wind farms constituting 1047 MW of this capacity. The energy parks collectively produced more than 2 TW/h in 2022-2023, equivalent to the consumption of approximately 515,000 European households.
The company's development project portfolio also witnessed substantial growth, jumping from 25.5 GW on June 30, 2022, to 34.4 GW on June 30, 2023, encompassing a technology distribution of 50% wind, 44% solar PV, and the remaining 6% in biogas and storage.
Eurowind Energy anticipates a profit before tax ranging from €60 million to €100 million in 2023/2024, with the outlook largely influenced by the normalization of the European energy markets.
