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During Q1 2021 European Energy had 22 projects under construction. By the end of Q1 2021, European Energy reached a gross profit of EUR 9.79 million with a revenue at EUR 12.08 million and EBITDA of EUR 5.57 million.
Due to the many construction activities, inventory increased by more than 60% year-on-year to EUR 410.3 million by the end of Q1 2021. EUR 201.7 million of the increased inventory are operational parks. In 2021, European Energy expects an EBITDA of EUR 80 million and a pre-tax result of EUR 50 million. In order to secure capital for ongoing constructions, European Energy increased its hybrid bond on the NASDAQ stock exchange with EUR 75 million bringing the total equity for the Group above EUR 300 million by the end of the first quarter.
In the first quarter of 2021 European Energy teamed up with the Dutch energy company, Eneco. Together the companies will participate in the 1 GW Thor-tender. In April, European Energy signed a PPA in the Baltics with Estonian state-utility, Eesti Energia, for 3.8 TWh over ten years. European Energy also established a new partnership with Novo Holdings and Sampension in April with the purpose of increasing the green transition in Denmark and Sweden with an initial capital of EUR 87 million.
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