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Eurowind Energy A/S presents a satisfactory financial statement 11-11-2020 - 11:26

Eurowind Energy A/S hereby goes public with their financial statement for 2019/20 and the profit before tax is 13.2 m. EUR. The balance sheet of the company has increased to 759 m. EUR, and the solvency ratio is 28.70%. The financial year of 2019/20 is seen as satisfactory, and as a year where several milestones have been accomplished.

 

One of the milestones in the financial year is the acquisition of SE Blue Renewables K/S, previously owned 50/50 by Norlys and PFA Pension. The CEO of Eurowind Energy A/S, Jens Rasmussen, elaborates that the financial statement of the year represents the increased focus on creating value for the group in the future: The main purpose of our long-term strategy concerning the expansion of MW continues for the purpose of building an energy group producing power from renewable energy sources that creates value for our investors, business partners and owners, but also for our society and environment. This long-term strategy continues to be our area of focus, and our many activities throughout the financial year have taken us a great step further along this path.

 

The total portfolio of Eurowind Energy’s solar and wind projects has increased significantly during the financial year to 630 MW (347 MW in 2018/19), which all together contributes to a production of approximately 1,300 m. kWh annually, corresponding to the annual power consumption of approximately 325,000 households. The result of this year proves that production of electricity from Eurowind Energy’s own wind and solar parks contributes to a solid sturdiness for the business.

 

Throughout the financial year, Eurowind Energy have finalized the construction of several projects that all are a part of the company’s own portfolio. Eurowind Energy has simultaneously initiated the construction process of four new wind/hybrid projects (hybrid projects are defined as wind turbines and solar cells in the same park). The largest project is Overgaard nearby Randers with 26 wind turbines equaling 93.6 MW. The company has also participated at an auction in Poland with a large number of projects with great success. The company has qualified the projects to a future fixed price enabling that the projects can be completed with an attractive return.

 

The company has not divested any projects in the financial year 2019/20, primarily due to timewise delays of the implementation of the sales processes caused by Covid-19. Already planned project sales are therefore timewise delayed due to Covid-19, and the sales process of the projects are either carried out or during execution after the end of the financial year. These transactions compliments the expectation of a very satisfactory result in the coming financial year.

 

According to Jens Rasmussen, the potential for creating value is higher in the up-coming years than ever before: “Our pipeline of development projects across our markets have expanded significantly from 4,250 MW to 8,353 MW, thereby increasing considerably throughout the year. We have at the same time achieved more than 1,300 MW in our Asset Management portfolio of solar and wind projects. The value creation supports our strategy of retaining a larger share of developed projects and energy parks in our own portfolio. This is caused by the fact that the underlying earnings from operational parks are strong and the fact that new technologies potentially can be connected to many facilities in this portfolio. This creates interesting future synergies for owners of wind turbines and solar parks.”

 

The chairman of the board in Eurowind Energy A/S, Gert Vinther Jørgensen, is also very satisfied with the results from the company: “The result of this year cements our position as a strong energy group that contributes to the green transition. The market price of electricity has been decreasing the latest 12 months, boosted by the Covid-19 situation. There has, in general, been less wind than anticipated, but in spite of this, we have managed to deliver a satisfactory result of our portfolio. While the Danish part has realized lower electricity prices, the international part of the portfolio is mostly based on fixed prices. We are therefore glad to state that the performance of the wind parks creates a large sturdiness for our business and the overall strategy. For that reason we have big expectations for the coming year.”

 

 

The consolidation in the industry continues with intensified strength as a result of increased complexity and capital requirements in the project development. Eurowind Energy aim to take an active part in this consolidation: “We have within the previous year acquired the German development company, Windenergie Wenger-Rosenau GmbH & Co KG as well as 50% of Wind + Mehr GmbH. Both companies have a large portfolio to be developed in Germany. In Poland, we have intensified our long-time partnership with the polish developer, Windbud Sp z.o.o. through a 50 % acquisition of several projects with existing building permits and through the establishment of a joint development company (50/50)”, Jens Rasmussen informs. Eurowind Energy expect establishments of more acquisitions and partnerships in the years to come.

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