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Press release

European Energy shows resilience and growth in turbulent year

Feb 28, 2024

In 2023, European Energy continued to achieve the expected growth in EBITDA and profit before tax.

European Energy experienced another record year in 2023, with EBITDA increasing by 27% year-over-year from EUR 140 million to EUR 178 million, an almost tripling since 2020. The profit before tax increased by 10%, from EUR 115 million to EUR 126 million. This marks the fifth consecutive year the company has reached or exceeded its financial guidance.

In terms of power generation, the company produced 1.87 TWh of renewable electricity in 2023 from self-owned assets, an increase of 140% compared to 2022. By this, the company avoided 434,962 tonnes of CO2e emissions, compared to 181,195 tonnes of CO2e emissions avoided in 2022.

In 2023, European Energy divested projects with a total capacity of 1,120 MW and grid connected 750 MW new renewable energy capacity.

“During the past three years, we focused on expanding our business capacity, developing our competencies in new technologies such as Power-to-X, and scaling and professionalizing our organization to cope with the high growth pace. We have concluded the previous strategy period and are ready to write a new chapter in the company’s history,” says Knud Erik Andersen, CEO of European Energy.

To support the future growth, the company’s net development pipeline was at 39 GW at the year’s end, marking a 20% increase from 31 GW at the end of 2022.

Several important partnerships were established. In the Power-to-X business, Mitsui & Co. became a partner in European Energy’s leading e-methanol project in Kassø, Denmark, and agreements were signed with TotalEnergies on both onshore and offshore renewable energy production.

“This has been a challenging year for the renewable energy sector with high interest rates and a normalization of energy prices. However, the achievements of European Energy during the year show the company’s resilience in challenging times,” says Jens Due Olsen, Chair of the Board of Directors at European Energy.

Looking ahead to 2024, partnerships will continue to be relevant not only at the project level. In January 2024, Mitsubishi HC Capital agreed to acquire 20% of European Energy, a transaction that is pending regulatory entities approvals. This will significantly increase the company’s financial capacity, enabling a new wave of growth and consolidating the ambition as a major global player in driving the green transition.

The company expects an EBITDA of EUR 230 million for 2024, equivalent to a growth of approximately 30% compared to 2023, with a risk margin of +/- 10%. Profit before tax is also expected to continue to grow, albeit at a lower rate than EBITDA.

The results can be viewed here: Annual Report 2023 – European Energy


Ming Ou Lü

PR Manager

+45 3126 9376