Bremen, 13 November 2023 – Energiekontor AG ("Energiekontor"), a leading German project developer and operator of wind and solar parks based in Bremen, Germany, and listed in the General Standard, has published its interim statement for the third quarter or the first nine months of 2023, presenting a well-filled project pipeline and confirmed the overall guidance for financial year 2023.
As at 30 September 2023, Energiekontor successfully sold four projects with a total generation capacity of approx. 116 megawatts (MW). In addition, the project rights for two wind turbine sites in Brandenburg, Germany, were sold at the end of October 2023. A total of around 130 MW was thus sold. After the first nine months of 2023, both figures already exceeded the total figure of financial year 2022. The pipeline for projects under construction, commissioned projects and building permits also grew and exceeds the previous year's figures.
The total generation capacity of the Group's own portfolio of wind and solar parks was around 392 MW. Compared to the half-year financial report 2023, the total generation capacity has increased slightly due to the commissioning of the Wegberg repowering park (around 384 MW in total before). The construction work to recommission the Jacobsdorf wind park, which was initiated in the first quarter of 2023, was continuing. Energiekontor expects to recommission the wind park at the end of 2023 or beginning of 2024.
In the night of 14 October to 15 October 2023, a rotor blade on a wind turbine at the Alfstedt wind park in Lower Saxony, Germany, snapped off and partially broke off. On 26 October 2023, another rotor blade on the same wind turbine snapped off during the course of work to bring down the still hanging components of the damaged rotor blade. Given that the two incidents occurred after a similar incident in the previous year at the same wind park on identical wind turbines manufactured by General Electric, all five wind turbines at the Group-owned park were shut down for safety reasons at the immediate instruction of Energiekontor and by subsequent order of the administratice district. A recommissioning of the wind park requires, among other things, an investigation of the root cause of the damages as well as an external expert opinion stating that the remaining turbines of the same type are not at risk of comparable damage. To this end, Energiekontor is in close dialogue with the manufacturer, the administrative district and the parties affected. The investigations have not yet been finalised.
"This is where Energiekontor's solid and broad positioning proves its worth. Despite numerous challenges, our project pipeline is well filled. We are aiming to commission further wind parks by the end of the current financial year 2023. Furthermore, we are planning the financial close for several solar park projects and want to finalise additional project sales. Unexpected events such as those in Alfstedt, the current industry environment and ongoing market uncertainties do not always make our efforts easy. We have to deal with these challenges responsibly and find suitable solutions. However, the basis for our sustainable growth remains the expansion of our profitable project pipeline. We are continuing to work on this with full commitment," says Peter Szabo, CEO of Energiekontor AG.
Considering the project progress made so far, Energiekontor is sticking to its guidance issued at the beginning of the year to increase the Group EBT of the previous year (€ 62.9 million) by 10 to 20 percent and thus reconfirms its guidance for the current financial year 2023 again. As project delays can generally arise in project business, which can result in timeline shifts, Energiekontor confirms its guidance as usual on the assumption that those projects relevant to the Group's 2023 results will be commissioned as planned and that project sales still under negotiation will be completed as scheduled by the end of the year.
Moreover, Energiekontor continued to implement its 2023 – 2028 growth strategy in all areas in the first nine months of 2023 and continues to assume that the strategy is viable. The aim is to increase Group EBT by an average of 15 percent per year in the period from 2023 to the end of 2028, while maintaining the Company’s high level of financial stability and security. By applying this strategic approach, Energiekontor expects to remain on a positive growth trajectory through to 2028, resulting in Group EBT approximately doubling.
The interim statement for the third quarter or the first nine months of 2023 is available at https://www.energiekontor.de/en/investor-relations/financial-reports.html, as well as the annual report for financial year 2022, which contains, among other things, more detailed information about the 2023 – 2028 growth strategy. Energiekontor has also set up the possibility to register for its newsletter for press releases and further information at https://www.energiekontor.de/en/newsletter-subscription.html.
About Energiekontor AG
For over 30 years, Energiekontor has stood for a solid business policy and extensive experience in renewable energies. Founded in Bremerhaven, Germany, in 1990, the company is among the pioneers in its industry and is now one of Germany’s leading project developers. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates 40 wind and solar parks with a nominal power of over 390 megawatts in its own portfolio. Energiekontor also aims to play a pioneering role in economic terms and to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.
Along with its headquarters in Bremen, Germany, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Berlin, Berlin-Spandau, Potsdam and Hildesheim. The company also has branch offices in England, Scotland, Portugal, France and the United States.
Since being established, Energiekontor has a proud track record of realising over 150 wind and solar park projects with a total nominal power of more than 1.3 gigawatts. This corresponds to an investment volume of over 1.8 billion euros (figures above as at 31 December 2022).
Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed in the SDAX and the TecDAX of the German Stock Exchange in Frankfurt and can be traded on all German stock markets.
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