Greek renewable energy producer, Terna Energy, has witnessed a substantial boost in its adjusted net earnings for the third quarter, nearly doubling to EUR 18 million (USD 19.1 million). The impressive financial results are attributed to the commissioning of new power generation capacity, propelling the company's revenues to new heights.
Terna Energy, a company engaged in renewable power generation and waste management activities, reported an expansion in its installed power generation capacity, reaching 1,225 megawatts (MW) by the end of September 2023, up from 905 MW at the close of 2022. A significant contributor to this increase was the 330-MW Kafireas wind farm, located on Evia island in the Mediterranean, which recently entered the commissioning phase.
The positive momentum extended to Terna's financial performance, with the company's revenues surging to EUR 90.2 million during the third quarter, compared to EUR 63.1 million in the same period the previous year. This boost was attributed to the newly added capacity and improved wind conditions. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) also showed substantial growth, reaching EUR 49.8 million, up from EUR 33 million in the corresponding year-ago period.
Terna Energy has an optimistic outlook, anticipating a “significant increase” in both revenues and operating profitability. This projection is based on the expected full power operation of the Kafireas wind park and the contribution of revenues from a waste management project in the Peloponnese region.
Furthermore, Terna Energy is poised to embark on the construction of more than 550 MW of new renewable energy parks, primarily focusing on solar projects in Greece and southeastern Europe. The company is also actively involved in ventures related to hydropower, energy storage, and hybrid energy solutions within its home country.
Terna's comprehensive portfolio now comprises a total of 2,500 MW, encompassing installed, under-construction, and ready-to-build capacity.