European Energy to beat guidance on earnings

European Energy to beat guidance on earnings

For 2020, Danish renewables developer European Energy expects to record earnings before interest, taxes, depreciation and amortization of approximately EUR 60 million, up from its EUR 52-58 million guidance.

The company said, despite the Covid-19 pandemic, it has recorded "solid growth" across its operations.

Profit before tax will remain within the guidelines of EUR 35-39 million and will reach around EUR 37 million.

Despite the Covid-19 crisis, we are very pleased to report solid growth in our business. We now also expect business activities to grow significantly in 2021,' said Knud Erik Andersen, chief executive.

The developer expects to start construction of over 1GW of solar and wind in 2021 and connect around 750MW in the next 12 months.

“The ambitious goal for 2021 requires a great deal from our colleagues and partners. We are however confident that we can achieve this together and create the biggest and most positive footprint in our company’s fight against climate change to date,” added Andersen.

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