Jump to content

Press release

European Energy exceeds 2020 guidance and delivers strong growth

Mar 01, 2021

European Energy’s latest annual report shows that the company exceeded its latest guidance for 2020 and delivered overall strong growth during 2020.

European Energy exceeded its own guidance for 2020 and delivered strong growth in a year where parts of the global economic activities slowed down due to the unfolding COVID-19 pandemic. European Energy has released its annual report for 2020, and the key figures underline the remarkable growth as EBITDA grew by 38% to EUR 61.2 million, gross profit saw growth of 29% to EUR 73.9 million and equity stood at EUR 235.3 million following a 71% rise since the end of 2019. European Energy is clearly on a path of strong growth, and the company is prepared for further growth in the coming year.

– Our business model has shown its strength in 2020. The pandemic has been tough, but we have experienced that the uncertainty has increased the willingness to invest in a green future. Renewable energy has now become a safe harbor in troubled waters for investors, says Knud Erik Andersen, CEO of European Energy.

– In 2020, the organization has been geared to handle the extra volume of renewable energy construction projects that the company is poised to start in the coming quarters. This ensures that European Energy can continue to develop while building, to build while managing assets and to manage assets while selling green power to the market and divesting parts of constructed assets.

Despite low electricity prices in Northern Europe, power sale has increased 41% in 2020 from EUR 30.5 million in 2019 to EUR 42.9 million and now represents 22% of the revenue.

In 2020, European Energy saw the expansion both in the number of offices and employees. Six new offices were opened in Hamburg, Glasgow, Milan, Barcelona, Sao Paolo, and Vilnius respectively, while at the same time the total number of employees was 203 at the end of 2020 – a net increase of 55 new colleagues within a year.

During 2020, European Energy made its first investment into Power-to-X with a 24 % stake in the Danish e-methanol company, REintegrate.

– Our business is growing – both in numbers and in areas. That makes our business less vulnerable to economic changes or in case of a crisis, such as the current global pandemic. We are also an independent power producer. Despite low prices of electricity during most of the year, it has been lucrative to maintain assets and sell more green power, says Knud Erik Andersen.

In 2020, European Energy signed seven Power Purchase Agreements (PPAs) with major companies who wish to minimize their global carbon footprint.

– We aim to make the right cut between sale of electricity, divestments and PPAs. Like electricity sale, PPAs have become an ever more important tool in our effort to secure the best return on investments, says Knud Erik Andersen.

– Our annual results and the market trends in general give us high ambitions for the coming year. Taking the political and financial signals from our main markets into consideration, we believe it is no longer a question if we transform the global energy supply to renewable energy, but how fast we will achieve it.

The outlook for 2021 reflects European Energy’s ambitions. Both EBITDA and Profit before tax are expected to grow by more than 30%. European Energy’s optimism stems from a world market facing a boom in green energy over the coming years. Politicians in most countries show remarkable green ambitions, and investments in renewable energy have never been higher at a time where solar and wind power are the cheapest form of energy.

By the end of 2020, European Energy has more than 600 MW under construction and more than 800 MW ready to be built.

For more information:

Head of Communications and Regulatory Affairs

Thomas Beck Sørensen


+45 25 57 21 73.

Check out our Annual Report 2020 site here: https://europeanenergy2020.com/