European Energy foresees a strong 2021 for renewable energy
Published by Bella Weetch,
Editorial Assistant
Energy Global,
European Energy saw solid growth and topped its expected EBITDA in 2020. Now, the company foresees strong growth for 2021, as it plans to initiate construction of more than 1 GW of solar and wind energy capacity, and connect approximately 750 MW to the grid.
The company exceeded its expectations for 2020. Despite the COVID-19 crisis, European Energy saw solid growth across various business portfolios. Consequently, it now expects an EBITDA of approximately €60 million in 2020, an increase from the previous guidance interval of between €52 - 58 million. Profit before tax in 2020 is now expected to reach €37 million which is in line with the expected €35-39 million guidance.
Despite the global pandemic’s impact on most business sectors around the world, the growth potential of renewable energy was strengthened throughout 2020, and European Energy expects to initiate construction of more than 1 GW of solar and wind energy capacity worldwide in 2021, and connect 750 MW to the grid.
In 2021, the company expects to reach an EBITDA level of €80 million and a profit before tax of approximately €50 million.
European Energy aims to be a significant force in the global transition to a fossil-free society. The company utilises wind and solar resources in combination with the latest technology to create value for partners and society as a whole. It was founded in 2004 and is active in 18 markets with offices in 10 countries.
Read the article online at: https://www.energyglobal.com/special-reports/19012021/european-energy-foresees-a-strong-2021-for-renewable-energy/
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