Greek renewable power producer Terna Energy reported a 7.9% slip in adjusted net profit for the fiscal year 2023, despite a surge in renewable energy sales. The company's bottom line stood at EUR 64.6 million (USD 69.5m), attributing the decline to higher depreciation charges and net interest costs stemming from recent investments.
“Our focus remains steadfast on sustainable growth and strategic investments,” stated a spokesperson from Terna Energy in their annual report, noting the firm's commitment to navigating challenges while advancing its renewable energy portfolio.
Revenues for the year totaled EUR 327.8 million, marking a 10% increase year-on-year, with renewable energy sales comprising a substantial share of the total. Bolstered by the expanded installed capacity of Terna's fleet, revenue from renewable energy sales climbed to EUR 249.9 million compared to EUR 236.2 million the previous year. Concurrently, revenues from the concessions segment and construction activities experienced growth.
In the fourth quarter of 2023, Terna's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to EUR 178.4 million, up from EUR 164.7 million in the corresponding period of the previous year.
As of the end of 2023, Terna boasted an installed power generation capacity of 1,224 MW, producing 2,586 GWh of electricity during the year, compared to 2,406 GWh in the preceding year.
Looking forward, Terna Energy plans to commission over 600 MW of new plants in Greece and abroad, predominantly in solar photovoltaic (PV), within the 2024-2025 timeframe. Additionally, the company is actively advancing approximately 3.5 GW of hydropower, storage, and hybrid projects domestically.
