Better Energy, a Danish developer in the renewable energy sector, has reported a substantial increase in earnings before interest, tax, depreciation, and amortization (EBITDA) for the fiscal year 2023, reaching Dkr726 million, up from Dkr410 million in the previous year. This surge in financial performance underscores the company's robust growth trajectory and its steadfast commitment to advancing renewable energy solutions.
The company also disclosed a profit before tax of Dkr179 million for the year, aligning with the lower end of its guidance for 2023, which projected revenue in the range of Dkr2.5 billion to Dkr3 billion and profit before tax between Dkr150 million and Dkr250 million.
Looking ahead to 2024, Better Energy anticipates a further escalation in activity levels, with revenue expected to soar to Dkr4 billion to Dkr4.6 billion and an EBITDA range of Dkr850 million to Dkr1 billion.
A key driver behind Better Energy's impressive performance in 2023 was the significant boost in production from its solar parks, more than doubling its output compared to the previous year. Moreover, the company witnessed robust growth in power sales, signing 12 Power Purchase Agreements (PPAs) with eight companies throughout the year.
Better Energy's commitment to expanding its operational footprint was evident as it grid-connected five new solar parks, bolstering its operational portfolio to 1126MW. The company's ambitious expansion plans remain firmly on track, with a target capacity of over 16,200MW across all its markets. Currently, around 1700MW is included in Better Energy's construction portfolio, while over 14,500MW is in its development pipeline.
Rasmus Lildholdt Kjaer, Chief Executive Officer of Better Energy, attributed the company's success to its purpose-driven business model and strong partnerships. He emphasized, “Our purpose-driven and sound business model is fundamental to our success. Through it, we can create strong partnerships with municipalities, grid operators, energy offtakers, and investors who – all in their very own way – contribute directly to accelerating the green energy transition.”
Kjaer further highlighted the expansion of Better Energy's team, which grew by 191 people in 2023, nearly doubling the organization's size. He emphasized the importance of collaboration and teamwork in driving the company's success, stating, “Each employee brings their unique talents while working together as a team. That, above all else, puts us in a great position for success in the coming years.”
