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PNE AG kicked off the 2024 financial year on a strong note, buoyed by a substantial array of projects in various stages of construction and preparation. This promising start sets the stage for a successful year ahead, with the project pipeline hitting yet another all-time high.
During the initial quarter of 2024, the Group achieved a total aggregate output of €57.0 million (compared to €45.3 million in the previous year), generated revenues of €31.4 million (compared to €32.2 million in the previous year), achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of €8.5 million (compared to €8.6 million in the previous year), and posted undiluted earnings per share of €-0.06 (compared to €-0.08 in the previous year).
In Germany and France, construction was underway for ten wind farms with a combined nominal output of 276 MW by the end of the first quarter of 2024 (compared to nine wind farms totaling 201 MW in the previous year). Additionally, another 73 MW have been approved in tenders or are currently awaiting tenders. Furthermore, approval processes are ongoing for wind farms and photovoltaic plants with a combined output of 826 MW/MWp in Germany and France alone.
The past few months have been characterized by persistent challenges such as delayed transport permits and capacity constraints among suppliers and network operators. Moreover, adverse weather conditions, including wind challenges and wet soils, have hampered construction efforts, resulting in delays.
In total, the nominal capacity of the wind and photovoltaic project pipeline saw a significant rise, climbing from 13,814 megawatts (MW) in the corresponding period last year to 19,805 MW. Within this, onshore wind energy projects contributed 9,794 MW, while offshore wind energy projects accounted for 2,500 MW. Substantial advancements were also made in photovoltaic project development during the first quarter of this year, with our pipeline expanding from 5,400 MWp to 7,511 MWp, marking another record level. In Germany alone, the PNE Group engaged in wind farm projects with a nominal capacity of 2,600 MW (compared to 2,349 MW in the previous year).
At the close of the first quarter, the wind farm portfolio managed by PNE boasted a capacity of 370 MW (compared to 321 MW in the same period the previous year). Throughout the initial three months of this year, wind farms under the PNE Group generated 247 GWh of renewable electricity (compared to 213 GWh in the corresponding period last year), reducing 186,000 tons of CO2 emissions. Wind availability has notably improved during the first quarter of this year compared to last year.
“We are very satisfied with the results of the first three months of this year,” said Markus Lesser, CEO of PNE AG. “We are looking forward to a very successful full year with the large number of projects currently under construction, in construction preparation and in the approval process. The pace of project implementation is increasing. These are the best prerequisites for achieving the goal of our “Scale up 2.0 strategy, which consists in
having our own wind farms and photovoltaic plants with an output of 1,500 MW/MWp in operation or under construction by the end of 2027.“
“We confirm our guidance for the 2024 fiscal year with positive EBITDA for the Group in the range of euro 40 to 50 million”, added Lesser. “We are on a very good path towards achieving this goal.”
