Terna Energy Reports Adjusted Profit and Increasing Revenues in First Half
October 1 (Renewables Now) – Greek renewable energy producer Terna Energy (ATH: TENERGY) reported adjusted net profit of 28.9 million euros ($ 33.8 million) in the first half of 2021, compared to 25 , 8 million euros a year earlier.
The company’s performance during the period was hampered by a one-time loss of 94.4 million euros resulting from the disposal of three wind farms affected by extreme frost in Texas in the first quarter. The move, as previously announced, was one of three solutions with the lowest possible impact on Terna Energy’s bottom line.
Including the discontinued operations in the United States, Terna Energy recorded a pre-tax loss of 57.8 million euros, compared to a profit of 32.8 million euros a year earlier.
The Greek group, which has 895 MW of wind, solar and storage capacity installed in its portfolio, on Thursday announced a 19.6% year-over-year increase in its consolidated sales from continuing operations, which have reached 139.6 million euros. Electricity generation brought in 98.5 million euros, while income from electric power trading amounted to 26.6 million euros.
|Amounts in millions of euros||S1 2021||H1 2020|
|– electricity production||98.5||92.3|
|– electrical energy trading||26.6||16.3|
|Adjusted net income||28.9||25.8|
Terna Energy has set itself a long-term goal of achieving a portfolio of 3 GW of wind, solar and energy storage capacity in operation within five years. He said his plan “is moving smoothly but also intensively in all areas of business.”
At the end of June, the company had more than 1.3 GW of wind, solar photovoltaic (PV) and storage systems in operation, under construction or ready to go in Greece, Central and Eastern Europe. An additional 1.8 GW of wind projects in Greece are in the final licensing phase, while some 1.7 GW of solar projects are in the planning stages. Projects in the offshore wind sector are also envisaged within the framework of a joint venture with Ocean Winds.
(1 EUR = 1.171 USD)