German renewables developer, PNE AG, faced a net loss of EUR-24.9 million (USD 26.6m) in the first nine months of 2023, marking a significant shift from the EUR-6.6-million net profit recorded in the same period a year earlier. The reported negative result on Monday was primarily attributed to interest stemming from follow-up valuations of interest SWAPs and loan liabilities within the group, contrasting with the positive impact these valuations had on earnings a year ago.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a decline, falling to EUR 16.5 million from EUR 21.1 million. Despite facing challenging market conditions leading to project delays, the company's total aggregate output and revenues experienced a slight decrease, reaching EUR 156.9 million and EUR 75.1 million, respectively.
CEO Markus Lesser expressed satisfaction with the results given the tough market conditions. PNE reiterated its 2023 EBITDA guidance, expecting it to range between EUR 30 million and EUR 40 million. The company also anticipates surpassing its “Scale up” strategy goal of having 500 MW in operation or under construction by the end of 2023. As of the end of the third quarter, PNE's wind farm portfolio totaled 348 MW, reflecting a 65 MW increase compared to the previous year. Despite lower wind supply, generation from PNE's own wind farms rose to 421 GWh from 346 GWh.
Over the past 12 months, PNE augmented its pipeline for wind and photovoltaic projects, reaching 17,527 MW from 11,430 MW, highlighting the company's commitment to expanding its renewable energy portfolio.
