German renewable energy firm Energiekontor AG has upheld its projection to increase last year's earnings before taxes (EBT) of EUR 62.9 million (USD 67.2m) by 10% to 20% for the current year, following the initial three quarters of 2023. The forecast is contingent on the successful completion of project commissioning and sales as planned.
In a statement on Monday, the Bremen-based company acknowledged challenges, including unforeseen events such as the rotor blade breakage at the Alfstedt wind park, prevailing industry conditions, and ongoing market uncertainties. Despite these hurdles, Energiekontor emphasizes that the expansion of its project pipeline serves as a foundation for sustainable growth.
As of the end of the third quarter, Energiekontor reported a portfolio of 392 MW in wind and solar parks, a marginal increase from the half-year report. This growth is attributed to the commissioning of the Wegberg repowering park.
During the first nine months of 2023, the company successfully sold four projects totaling 116 MW. In October, project rights for two wind turbine sites were also sold, bringing the total project sales for the year to 130 MW, surpassing the figure for the entire year of 2022.
The Alfstedt wind park in Lower Saxony, Germany, faced operational setbacks when all five turbines were shut down after a rotor blade snapped off in mid-October. Energiekontor highlights that an investigation into the root cause of the damages is underway, emphasizing the need for a comprehensive recommissioning process.
Despite these challenges, Energiekontor reaffirms its commitment to its 2023-2028 growth strategy, aiming for an average annual EBT growth of 15% during this period. This strategic approach aligns with the company's vision for sustained expansion in the coming years.