Eurowind Energy A/S

Reklamebeskyttet virksomhed

Denne virksomhed er reklamebeskyttet. Det betyder bl.a. at oplysningerne ikke må bruges til reklamehenvendelser.

annonce

Flere nøgletal og analyser?

Med en Bisbase Premium konto får du flere nøgletal for både virksomheder, koncerner og brancher samt adgang til eksklusive brancher indeholdende virksomheder nøje sammensat af eksperter. Og vil du lave dine egne analyser kan du også det! Det tager få minutter at få adgang - og det behøver ikke at koste dig noget!

Få adgang nu Læs mere

Rang Årets resultat

Rang i branche

4/57

"Top 10%"

Rang i Danmark

1.069/147.180

"Top 10%"

Direktion top 3

Jens Rasmussen 93	CEO
Søren Bæk Just 40	Direktør

Bestyrelse top 3

Gert Vinther Jørgensen 26	Bestyrelsesformand
Søren Rasmussen 98	Næstformand
Jakob Kirkegaard Kortbæk 17	Bestyrelsesmedlem

Legale ejere top 3

33.33-49.99%	Ewe Holding Aps	DK
33.33-49.99%	Norlys Holding A/S	DK

Tegningsregler

Selskabet tegnes af den samlede direktion, bestyrelsesformanden sammen med den administrerende direktør, to næstformænd for bestyrelsen sammen med en direktør eller af den samlede bestyrelse.

Stamoplysninger baseret på CVR

Navn	Eurowind Energy A/S
Binavne	Energimidt Renewables A/S, Eniig Renewables A/S, Windpartners A/S Vis mere
CVR	30006348
Adresse	Mariagervej 58B, 9500 Hobro
Branche	Anlæg af ledningsnet til elektricitet og telekommunikation [422200]
Etableret	20-11-2006 (18 år)
Første regnskabsperiode	20-11-2006 til 30-06-2007
Virksomhedsform	Aktieselskab
Antal ansatte	188 (årsværk:170)
Reklamebeskyttelse	Ja
Revisor	Bdo Statsautoriseret Revisionsaktieselskab siden 20-11-2006
Regnskabsperiode	01-01 til 31-12
Bankforbindelse	Nykredit Bank
Selskabskapital	1.665.820 DKK 878.411 DKK (25-06-2012 - 09-01-2019) 860.085 DKK (14-07-2010 - 24-06-2012) 621.600 DKK (07-05-2009 - 13-07-2010) 619.528 DKK (11-02-2008 - 06-05-2009) 615.384 DKK (12-07-2007 - 10-02-2008) Vis mere
Vedtægter seneste	11-11-2024

Medlem af brancherne

Anlæg af ledningsnet til elektricitet og telekommunikation [422200]
NACE6 indeholdende 83 virk.
Anlæg af ledningsnet [422]
NACE3 indeholdende 559 virk.
Anlægsarbejder [42]
NACE2 indeholdende 936 virk.
Bygge- og anlægsaktiviteter [F]
NACE1 indeholdende 21.007 virk.

Formål

Selskabets formål er udvikling, etablering, køb, salg, ejerskab samt drift og administration af anlæg, der producerer energi fra vedvarende energikilder, samt hermed beslægtet virksomhed inden for vedvarende energi

Regnskab

	2024	2023	2022
Valuta/enhed	000' DKK	000' DKK	000' DKK
Omsætning	3.296 -82%	18.122 -78%	82.632 +194%
Bruttofortjeneste	-233.511 -	-19.942 -	-24.104 -
Årets resultat	55.769 -97%	2.062.253 +208%	670.307 +526%
Egenkapital	5.109.764 +0%	5.086.600 +67%	3.049.077 +50%
Balance	10.030.614 +16%	8.662.831 +74%	4.973.913 +38%

Ledelsesberetning sammendrag

Ledelsesberetning

Management's review
Letter from the CEO
Welcome
The financial year 2023/24 was very much a ”back to
normal year” compared to the previous year, which
included the stormy months of the energy crisis in the
summer and autumn of 2022. For Eurowind Energy
2023/24 was also characterised by significant growth
and accelerated investments in order to implement our
strategy of becoming a Power Major by 2030.
We focused on doing what we do best, namely making
renewable energy happen. We had a record high influx of
new projects, got more projects than ever to the ready-
to-build-stage, had record high construction activity and
reached new milestones in Asset Management.
In other words: We were very busy in 2023/24.
We are still aiming for Power Major status by 2030. In
many ways, many companies could be slightly jealous of
our situation. We have more opportunities than we can
actually deliver on. That means our growth is very much
in our own hands. If we can secure enough financing,
while recruiting and integrating more great colleagues
we can go all the way to Power Major in a handful of
years.
The financial performance for the year has nearly
returned to the levels seen before the turmoil of 2022.
During the previous period, owning a minority share
of Norlys Energy Trading yielded exceptional rewards,
though much of the associated costs are only now
being reflected in this year’s results. To accurately
assess Norlys Energy Trading, it is beneficial to consider
its performance over a three-year span, which still
demonstrates a highly profitable trading operation.
The earnings were also impacted by lower power prices
in most markets, at the same time as the interest rates
increased continuously throughout the period. As a
long-standing guideline at Eurowind Energy, we avoid
combining excess open elements in our Capex budgets
with variable interest rates on projects where potential
earnings are fixed. This approach allowed us to sustain
high investment levels in the period, but it has put a strain
on some proposed business cases.
This led to a gross profit of 121 million EUR for the year, a
notable decrease from 195 million EUR in 2022/23. Profit
before tax reached 16 million EUR, compared to 315
million EUR the previous year. It's important to highlight
that this was achieved without the sale of any assets.
We grew the project development pipeline from 34 to
54 GW, while adhering to our long-standing principle of
aiming for high-quality projects. The importance of that
principle could also be seen in another big achievement
this year, namely getting building permits for 29 projects
with a combined capacity close to 1 GW in various
markets. The construction of a number of those projects
is already underway, including the large scale 237 MW
Bulgarian solar park Tenevo.
“For Eurowind Energy
2023/24 was also
characterised by
significant growth
and accelerated
investments.
Our Engineering, Procurement and Construction
department has also had a busy year with the
construction of 21 energy facilities in seven countries.
In some cases, lack of grid led to late commissioning of
projects with lost revenue as a result. On the positive side,
the high activity level also meant we had the opportunity
to inaugurate a number of parks, including Lervik in
Sweden and Nørre Økse Sø in Denmark. I would like to
take this opportunity to thank everybody who chose
to join the celebration at our inaugurations – these are
highlights for us throughout the year.
In the financial year, we also reached 2 GW under Asset
Management, and spent resources in the preparation for
a reality where we have the responsibility for double-digit
GW across Europe – something that is just a few years
away.
All these results also demonstrate that we've
successfully assembled the right team-a team poised
for further growth. We finished the financial year with
601 colleagues and that number will increase further.
Observing the organisation, I'm impressed by the blend
of skills, experience, and mindset within our team, which
gives me confidence in our future success. Our strategy is
brought to life by the team; without them, it would merely
be wishful thinking.
For the coming financial period, we expect to do more
of what we do really well: we will develop the pipeline,
construct more renewable energy parks and operate
them. I do not hesitate to guarantee that further records
and milestones will be reached by our outstanding team.
Jens Rasmussen,
CEO of Eurowind Energy
“We finished the
financial year with
601 colleagues.
Always
“because we have
the right strategy
and a unique group
of people
'Outlook
“The project development
pipeline has increased
significantly
2023/24 – stabilising results
Eurowind Energy expected a profit before tax in the range
of EUR 60-100 million for the financial year 2023/24,
based on the following assumptions
• High power prices compared to post COVID-19, but in
line with the stabilised power prices in the second half
of 2022/23
• Finalised projects during 2023/24 generating profits
within the coming year
• Continuously high performance by our affiliate Norlys
Energy Trading, but not to the extent we have seen
during 2022/23
The Group realised a profit before tax of EUR 16 million,
which is lower than expected primarily due to three
factors
• Lower power prices in most markets
• Increasing interest rates
• The result of Norlys Energy Trading in 2023/24 ending
below expectations
Despite the results being well below expectations, in
terms of revenue and profits, Eurowind Energy group
managed to grow and mature our development pipeline
significantly in 2023/24, creating substantial value for
the shareholders. This was a result of previous years'
expansion, determination and investments in project
development across all markets, best exemplified by the
addition of almost 1 GW of new permits in 2023/24.
Projection and outlook for 2nd half of 2024
As result of the decision to change the fiscal year, the
following projection reflect expected future results for
this transitional half-year period. We expect profit before
tax will be in the range of EUR 100-140 million based on a
balanced set of assumptions. Main assumptions are
• power prices in main markets stabilised at same level
as at the end of 2023/24
• Completion of construction projects according to
current plans
• Finalisation of ongoing divestments and farm downs
(reduction of ownership share via partial divestments)
In 2nd half of 2024, we continue our high level of
construction activities, expecting to add 90 MW of
renewable assets to our fleet.
We expect the power price levels we have seen in the first
part of 2024 to continue. We have included the average
expected forward power prices and local market capture
rates. As a further unpredictable factor, the price level
remains influenced by the geopolitical environment and
the associated changes in gas and oil prices.
The above assumptions are prepared in accordance
with IFRS standards, as we will implement IFRS in the next
annual report ending 31 December 2024.
Power sales
The Eurowind Energy group also expects to boost our
power sales in the coming years. Based on current and
expected construction forecasts, the Group expects to
see power sales rise in all markets.
Power-to-X (PtX) projects in combination with new and
existing wind and solar parks, will bring new possibilities
to our business and increase the power usage and
efficiency. This will bring the Group further up the value
chain.
Norlys Energy Trading continues to increase and
broaden its activities and provides Eurowind Energy
with opportunities to reduce our balancing costs while
increasing the earnings on power production across
Europe. Price management will become increasingly
important in the future and we believe that by having
competences inhouse, together with Norlys Energy
Trading, will positively benefit the Group.
Sale of projects
In July 2024 Eurowind Energy entered into a share sale
and purchase agreement with Wind Estate concluding
a partial divestment of two Danish Wind farms,
namely Overgaard and Nørre Økse Sø. The transaction
is expected to be closed in Q4 2024 generating a
significant profit in 2nd half of 2024, underpinning the
long-term value of our operating portfolio.
Project development
The pipeline consists of projects from early-stage
development, where we have identified and initiated
negotiations on land plots suitable for renewable energy
projects, to ready-to-build projects with secured land,
grid and permits.
The project pipeline grew significantly in 2023/24 from
34 GW in 2022/23 to 54 GW. The majority of the growth
was in the Romanian, Bulgarian, Polish, Swedish, Italian
and German markets. The highest growing market was
Romania where new opportunities were identified along
with several projects moving into construction and others
entering the pre-construction phase.
This build-up of future projects is the foundation of our
continued growth, and it will be realised in the coming
years in the form of high construction activity and later,
increased operational capacity.
The expansion of the development pipeline is projected
to continue in the coming years as investment in our
project development organisation materialises. This
projection is reinforced by the observation of an ongoing
shift towards larger projects and as we enter new
markets. The growth of the development pipeline will also
be supported by the development of more hybrid and
PtX projects.
Global Trends
“Fossil fuel generation
declined significantly,
with a 17% drop.
The energy sector is increasingly shifting towards
electrification driven by renewable sources, a trend
that is expected to accelerate. In the first half of 2024,
reliance on fossil fuels in the EU fell to an all-time low,
despite rising electricity demand and power prices
returning to pre-crisis levels. Fossil fuel generation
declined significantly, with a 17% drop compared to
the same period in 2023, making up only 27% of total
generation, according to Ember.
Fossil fuel generation
declined significantly,
with a 17% drop.
While it’s promising that electricity from fossil fuels can
now be considered an “alternative” to renewables, there
is ongoing debate about the pace of electrification.
Producers, academics, and governments are concerned
that progress is not swift enough to fully leverage its
potential for reducing emissions and decarbonising
energy supply chains—key for achieving net-zero targets.
As more energy end-uses become electrified, the share
of electricity in the final total of energy consumed is
anticipated to rise from 20% in 2022 to over 27% by 2030
in the Net Zero Emissions by 2050 Scenario, according to
the International Energy Agency (IEA).
The main factor behind the reduction in fossil fuel use is
the growth in wind and solar energy, which has outpaced
the rebound in electricity demand. Although electricity
demand increased by 0.7% in the first half of 2024,
reversing the downward trend of the previous two years
due to the gas price crisis, a mild winter limited the extent
of this increase. The substantial growth in wind and solar
capacity, coupled with favourable conditions, allowed
these renewables to more than meet the demand rise,
effectively replacing fossil fuel generation.
Despite steady increases in this share, the pace of growth
needs to double to meet the 2030 target. Significant
advancements in electric transport and the widespread
deployment of heat pumps will drive much of this
progress. In the industrial sector, low-temperature heat
processes, such as food drying and beverage production,
present the greatest potential for electrification.
However, the competitive market and the long lifespan
of industrial equipment are resulting in slower progress
compared to other sectors.
Cost dropping
Despite rising costs for offshore wind and hydrogen,
oversupply and decreasing raw material prices are
expected to lower the average cost of clean energy
technologies in 2024. This combination is rapidly
reducing costs for solar and batteries from their 2022
peaks. Significant cost reductions in 2023 are projected
to continue, with prices falling well below 2020 levels in
the coming years.
Ongoing technological improvements will keep lowering
equipment costs, offsetting the upward pressure from
development expenses (such as permits and grid
connection) and labour. As these technologies constitute
the majority of new capacity additions, the average cost
of integrating clean energy technologies into the grid is
expected to decrease by an additional 15%-20% by 2030.
While this trend is strong for mass-produced,
commoditised technologies like solar and batteries,
reductions in wind costs will take longer. Offshore
wind, particularly outside China, has faced challenges
due to investments being concentrated in a few large
projects with long lead times. Rising capital costs have
resulted in numerous power purchase agreement (PPA)
cancellations in the US, low interest in the Gulf of Mexico
leasing round, and a failed contract for difference (CfD)
auction round in the UK.
BESS: From Speculative to Mainstream
The energy sector is increasingly demanding stable,
reliable renewable energy, especially with global conflicts
impacting gas prices and availability. In this context,
utility-scale Battery Energy Storage Systems (BESS) offer
notable advantages over other storage options. BESS
are modular and scalable, providing a cost-effective
and efficient means to expand the grid and adapt
to changing energy needs. They offer benefits like
frequency stabilisation, voltage support, backup power,
and black-start capability, enabling independent restarts
when necessary.
Recent years have seen a significant drop in Capex for
BESS, transforming them from a speculative solution to a
viable complement for solar and wind parks, particularly
to mitigate the cannibalisation effect on solar power in
northern markets. This price reduction is expected to
continue. S&P forecasts that within the next two years,
manufacturers will increase production capacity by 309
GW for solar modules and 129 GWh for energy storage
systems-both exceeding global demand in 2022.
While lithium-ion batteries have traditionally led the
market, the growing need for long-duration storage-
something that lithium cannot currently provide
economically and safely-will create opportunities
for emerging non-lithium technologies. For example,
applications requiring storage durations of over eight
hours are increasingly adopting sodium-ion batteries.
This shift is driven by the demand for more cost-effective
storage solutions, as sodium-ion technology offers a
balance of affordability, safety, and adequate energy
density for long-duration use. Sodium-ion batteries
also have a significant cost advantage over lithium-ion
batteries, given the abundance and wide availability of
sodium.
The need for flexibility in power systems dominated by
intermittent renewable sources is also driving interest
in BESS. Transmission System Operators (TSOs) are
working to ensure that flexibility assets, such as storage
and demand response, are available when needed.
Italy’s recent announcement of a large-scale energy
storage tender by local TSO Terna, targeting eight-hour
durations, exemplifies this top-down approach to energy
storage procurement-a strategy likely to be adopted by
other countries in the coming years.
According to electricity market design proposals
from March 2023, European countries will need to
assess their electricity systems' flexibility requirements
biennially starting in January 2025. These assessments
will focus on non-fossil-fuel-based flexibility options,
including demand response and storage. Based on
these evaluations, each member state is expected to set
specific targets for demand response and storage.
“The need for flexibility in
power systems is driving
interest in BESS.
Renewable energy
continued to grow
strongly
Strategy
Eurowind Energy continues to pursue an ambitious
growth strategy to become a Power Major by 2030.
Throughout the financial year, Eurowind Energy has
worked on solidifying the targets that will guide our
growth in capacity and profitability. Our strategy is
built upon our position as a leading European player in
renewable energy with a strong integrated value chain
across project development, power generation, asset
management, sale of energy and wholesale trading
through Norlys Energy Trading.
Eurowind Energy’s strategy towards becoming a Power
Major encompasses three focus areas: an aggressive
expansion of operating capacity of onshore wind and
solar enabled by a high-quality development pipeline, a
maximising of synergies between sources of renewable
energy generation and storage in our hybrid projects and
energy centres, and an continual optimisation across
our operations. The strategy is enabled by scaling the
organisation as well as its structure and systems while
retaining the entrepreneurial culture and focusing on the
sustainability of our operations.
Markets
We have a global presence with activities in 16 markets,
of which our core markets are Denmark, Germany,
Poland and Romania. At the end of the financial year,
Eurowind Energy had an operating capacity of 1.3
GW (net) renewable power assets. Eurowind Energy
has grown substantially in the past 10 years, laying the
foundation for the fast ramp-up of operating capacity
ahead. For generation capacity, we are targeting a total
capacity of 14 GW in solar and onshore wind by 2030.
Including biogas, battery storage, Power-to-X (PtX)
technologies, and pumped hydro storage, our capacity
target for all technologies is 20 GW. Eurowind Energy
prioritises high-value MW capacity and, as such, will
continue to favour the development of onshore wind
projects as they, in most cases, have higher capacity
factors and earnings potential compared to other
generating technologies.
Eurowind Energy has a very strong pipeline of projects
under development at 54 GW (net). Onshore wind makes
up nearly two-thirds of the expected production (GWh)
from the capacity in the pipeline, highlighting our focus
on the value of the power produced. The pipeline has
grown significantly in the past year, and we expect this
growth to continue with at least 5 GW of high-quality
onshore wind and solar projects added per year to
enable our capacity build-out. We will leverage our
strong in-house development capabilities to source new
projects in our existing markets. In addition to the rapid
growth in our existing markets, we plan to grow our
position through opportunistic market expansion. We are
proactively scanning potential new market opportunities,
based on political stability, current energy mix, available
land area, grid accessibility and regulatory environment.
Technologies
Flexibility in power generation and consumption, and a
high degree of utilisation of land and grid access, are
becoming increasingly important in a future powered
by renewable energy sources. Our hybrid parks
combining onshore wind, solar and battery storage are
a key solution to increasing flexibility and maximising
synergies. In hybrid parks, we can optimally utilise grid
connection and land access while increasing energy
production efficiency and economic returns. Our hybrid
parks in operation in Denmark serve as clear examples
of these advantages. Thus, Eurowind Energy targets
the construction of 60-80 new hybrid projects by 2030,
consisting of upgrades to existing wind sites through
the addition of solar and potentially BESS, and the
development of new hybrid projects where economically
feasible. The large expansion of solar capacity across
Europe is one of the strongest arguments for our
hybrid parks, due to the complementary nature of
wind and solar generation profiles. Battery storage will
become critical in the future to balance production and
consumption profiles, especially in combination with
solar.
With onshore wind and solar as a basis, Eurowind
Energy is developing energy centres, which are large
integrated facilities combining multiple renewable
energy technologies. The energy centres will consist of
a locally optimised mix of onshore wind, solar, biogas,
battery storage and PtX technologies. PtX technologies
use power to produce different energy sources and fuels,
such as hydrogen, methanol or ammonia. By co-locating
these technologies, we intend to create a local, circular
energy system where various energy demands can
be met efficiently and sustainably. Currently, there
are energy centres under development in Denmark,
Poland, Spain and Germany and we aim to take 6-8 into
operation by 2030.
Eurowind Energy has made significant progress in our
experience with PtX production with the acquisition of
the HyBalance hydrogen plant, now named Electrolyser
Hobro, in October 2023. The plant's 1.25 MW PEM
electrolyser can produce more than 500 kg of hydrogen
per day. Gaining experience in operating the new
technologies is highly valuable to the development
of the energy centres. We are also progressing in the
development of biogas plants in Denmark and expect to
begin construction of the first plant in Q1 2025.
The combination of power-to-hydrogen and biogas
plants on site is a key advantage of our energy centre
concept. The proximity between these energy-
intensive processes and renewable energy production
enables cost-effective transmission behind the meter.
Additionally, substantial synergies arise from the
creation of a circular heat system, where excess heat
is easily transferred to heat-consuming processes. This
combination also enables the production of renewable
methanol, utilising renewable energy, green hydrogen
and the carbon dioxide generated in biogas production
as a by-product. Renewable methanol will be a key
energy source enabling the decarbonisation of the
transport sector and the chemical industry. Producing
renewable methanol locally is also attractive from an
energy security perspective, especially for countries
where renewable energy can be produced relatively
cheaply, but fuel import is more costly.
Asset Management and Trading
During this financial year, Eurowind Energy surpassed
2 GW under asset management. In the coming years,
Asset Management will focus on being able to support
the significant increase in capacity and expansion
into new technologies. Eurowind Energy manages its
assets internally, with a focus on improving overall
asset performance, extending asset lifetime and
reducing overall operational asset costs. We leverage
our expertise from managing our own assets to offer
external Asset Management services. Through our Asset
Management, especially our management of legacy
turbines, we possess a unique position in discovering and
realising repowering opportunities.
Apart from maximising value from Asset Management,
our target of optimising profitability per electron
sold focuses on optimising load profiles and pricing
of electricity sales. As electricity sales make up the
largest share of our revenue, securing the best off-take
agreements across markets is key for Eurowind Energy.
The power purchase agreement entered into with the
industrial park GreenLab in January 2024, is one of
the biggest PPAs in Denmark and an example of the
capabilities of our commercial team.
Our stake in Norlys Energy Trading is expected to
increase the profit of the Group, while at the same time
maximising the earnings potential of Eurowind Energy’s
power production. Our build-out of battery storage
solutions and the entry into the balancing service market
will extend our cooperation with Norlys Energy Trading,
enhancing the possible margin uplift.
The power of Power-to-X
The Power-to-X (PtX) sector has witnessed rapid growth
worldwide, establishing itself as a key component of
the energy transition. Eurowind Energy firmly believes
that PtX will play a fundamental role in the future of
sustainable energy. We are expanding our capabilities
across the entire value chain by leveraging our strong
track record in developing, constructing, and operating
renewable energy assets. PtX technologies, which
convert green energy into hydrogen, e-methanol, or
other sustainable fuels and chemicals, are central to our
strategy.
PtX refers to a suite of technologies that allow the
conversion of surplus renewable energy into different
forms of energy carriers or valuable products. This
includes power-to-hydrogen, power-to-methanol,
power-to-ammonia, and power-to-heat, among others.
Green hydrogen is produced through electrolysis and
can be used in fuel cells, industrial processes, or further
transformed into e-fuels like e-methanol and synthetic
natural gas. PtX can also support the production of
carbon-neutral chemicals and materials, as well as
provide sustainable heat for district heating networks.
The diverse applications of PtX make it an essential
pillar of decarbonising industries such as transportation,
chemicals, and heavy manufacturing, while also playing
a vital role in energy storage and grid balancing.
Eurowind Energy has made significant strides in the PtX
field in recent years, especially through the acquisition of
the HyBalance hydrogen plant, now named Electrolyser
Hobro. The plant's 1.25 MW PEM electrolyser can
produce more than 500 kg of hydrogen daily. Strategic
partnerships, such as Green Hydrogen Hub and Greenlab
Skive, further enhance our efforts. These collaborations
focus on developing hydrogen value chains and energy
storage networks. The construction of hybrid parks
offers promising opportunities for future growth through
additions of PtX technologies at a later stage.
At the core of our vision is the concept of energy centres,
which maximise synergies between multiple renewable
energy sources. They combine wind turbines, solar
PV, biogas, battery energy storage systems, and PtX
technologies, creating efficient and sustainable local
energy systems. The close proximity of energy-intensive
processes, such as power-to-hydrogen and biogas
production, to renewable energy generation offers
cost-effective transmission and facilitates the creation
of circular heat systems. By embracing the potential
of PtX technologies alongside biogas, solar, and wind
energy, Eurowind Energy is pioneering the development
of integrated, sustainable energy parks that contribute to
a cleaner and more secure energy future.
“PtX technologies, which
convert green energy into
hydrogen, e-methanol,
or other sustainable
fuels and chemicals, are
central to our strategy.
Our Business Model
“We screen potential opportunities.	“We choose the proper	“We prepare infrastructure.
Then we select the best.	location. Then we implement.	Then we deliver.
1. Opportunities	2. Development	3. Local Involvement
Identifying opportunities is essential in creating a business.	When an area is deemed suitable, we undertake the	Engaging local residents and stakeholders early in the
We screen through our offices, partnerships, joint ventures,	necessary steps in cooperation with national and local	process is crucial. It is important to understand and
and external parties. We possess in-depth knowledge on	authorities, particularly regarding permits. Our close	address their concerns. At Eurowind Energy, we prioritise
screening for new potential high-quality renewable projects	relationships with landowners and municipalities ensure	broad involvement, which typically includes close
and execute only on the best. Once sites are identified, we	a comprehensive understanding of the risks involved in	contact with, but not limited to, immediate neighbours of
perform a thorough resource assessment and analysis,	project development.	the sites, landowners, local residents, and municipalities.
including wind measurements, negotiation of land leases,
securing access with landowners, grid connection, and
environmental impact assessments.
“		“
We build energy projects.		We manage your investment.
Then we produce power.		Then we make it grow.
4. Construction	5. Power Purchase Agreements	6. Operations
Prior to construction, we confirm that all necessary	As markets increasingly move away from subsidies,	As part of our strategy to be an independent power
permits are obtained, including legal due diligence of the	corporate power purchase agreements (PPAs) are	producer, we aim to maintain ownership of our projects
project's permits and financial due diligence. We focus	emerging as a solution to fulfill the demand for long-	and assets. Following construction, the management
strongly on procurement and financing and have a proven	term and secure power sales. PPAs represent long-term	of the parks is transferred to our Asset Management
track record of delivering projects and infrastructure,	agreements to supply renewable energy to various	department. This department is responsible for
such as cables and roads, on time and within budget.	off-takers at a predetermined price. While PPAs are	optimising production and power sales, including
Construction occurs in cooperation and compliance with	commonly established prior to the construction phase,	technical, commercial, and financial aspects.
all project stakeholders. Following successful turn-key	they can also be arranged during the later stages of a
construction, the turbines or solar plants are prepared for	project.
storage facilities, grid connection and commissioning.
Key themes for the year
Highlights for the year
• “Back to normal” after the tumoil of the energy markets
• Significant growth and accelerated investments
• Record high influx of new projects and construction activity
• Reaching 2 GW under Asset Management
A Year of Resilient Growth and Milestone
Achievements in Renewable Energy
The financial year 2023/24 marked a return to stability
and “back to normal” for Eurowind Energy, following
the turbulence of the energy crisis. This period was
characterised by significant growth, accelerated
investments, and record levels of new projects in
development and construction activity. Despite
challenges like lower power prices and rising interest
rates, the company achieved a Gross Profit of EUR 121
million compared to EUR 195 million in 2022/23 and a
Profit Before Tax of EUR 16 million compared to EUR 315
million in 2022/23. Key milestones included obtaining
building permits for 29 projects with nearly 1 GW capacity
and expanding the project development pipeline
substantially. The year also saw a notable increase
in Asset Management with now over 2 GW under
management and a continued focus on high-quality
project execution. With an average of 575 employees
during the fiscal year and a robust strategy, Eurowind
Energy is well-positioned for further growth in the coming
years.
Ramping up the business
Pipeline
During the year, the Group significantly grew the pipeline
by 56% to 54 GW. We expect to maintain strong growth in
2024/25 but will also have a strong focus on maturing the
current pipeline. The most significant growth in pipeline is
seen in Eastern Europe and the Baltics.
The expansion has been achieved through a
combination of heightened focus and dedication to
developing our in-house projects, acquisitions executed
in both prior and ongoing years, and collaborative
partnerships and agreements with local development
companies in Denmark, the United States, and Europe.
With our diversified presence and our early engagement
in projects, we are assured that we possess the
necessary scale and market variety to achieve our goals.
The Group obtained permits for 29 projects across
Europe during the fiscal year. Most of these projects have
secured grid connections, a critical factor for distributing
power to European consumers.
The project portfolio receiving permits comprise of
both solar and wind energy, including 19 solar parks
and 10 wind parks. Among the most notable is the 237
MW Tenevo solar park, currently under construction in
Bulgaria.
The majority of the projects are in Eurowind Energy's
key markets: 11 in Poland, five in Germany, and three in
Romania. In Slovakia, a newer market for the Group,
building permits were secured for two projects for the
first time.
Power-to-X
Besides developing wind and solar projects, we keep our
focus on maturing our presence within the Power-to-X
(PtX) business area. Eurowind Energy and GreenLab
have signed a 10-year power purchase agreement (PPA)
to supply renewable energy for businesses and PtX
production at GreenLab. This agreement represents
the first instance of a direct connection between a
renewable energy producer and an industrial consumer.
GreenLab’s vision of becoming a green industrial park
with its own renewable energy infrastructure has taken
a major step forward. The electricity, generated from
Eurowind Energy’s 85 MW solar and wind hybrid park
located south of GreenLab, will be directly integrated into
GreenLab's energy infrastructure within the industrial
park.
The PtX industry is still in its infancy, but is expected to
grow significantly in the coming years, and we have a
strong ambition to utilise our expertise and strong global
presence to bring forward solutions on a global scale,
which is exemplified by our hybrid parks and our Energy
Centre concept.
During the year, we acquired an operational hydrogen
plant located next door to our headquarters in Hobro
from Air Liquide.
This acquisition marks Eurowind Energy’s start as a
hydrogen producer and will offer valuable experience in
producing hydrogen using surplus energy from solar and
wind sources.
The Electrolyser Hobro is a Polymer Electrolyte Membrane
unit and can produce more than 500 kg of pure hydrogen
per day. The broader strategy is to integrate hydrogen
production into Eurowind Energy's future energy centres
across Europe.
High construction activity
Our EPC-department (Engineering, Procurement and
Construction) have had a very busy year constructing
several new parks. During the financial year EPC has
completed six wind projects across five countries and
three solar projects in Denmark and Poland. At the end of
our financial year, the EPC department was constructing
at 14 sites in eight countries with a total capacity of 642
MW. Our construction pipeline has larger projects both
within solar and wind where solar plays a larger role than
previously.
We expect this significant construction activity to
continue in the years ahead as our robust pipeline
continues to evolve and materialise.
Reaching 1.3 GW of installed capacity
The net-owned MW increased during the year, through
organic growth and the remainder through other minor
strategic acquisitions from previous years. The net-
owned MW increased from 1,118 MW to 1,317 MW.
In 2023/24, we commissioned 199 MW capacity to the
grid in five countries – this record-breaking achievement
is a huge step in the development of the Group. The
increase was driven by completion of several projects
e.g. our Swdish project, Lervik, our Polish project Znin/
Damasławek and our Danish project, Nørre Økse Sø.
We have operational parks in 10 countries, which gives
geographical diversity and new possibilities. We expect
to have more countries included within the next couple of
years.
Corporate and project financing
Due to the high activity level in all aspects and ramping
up the business, the Group continues to have focus on
securing financing on a corporate level as well as project
financing.
During the year, we signed a new subordinated loan
facility of EUR 300 million, where EUR 200 million have
been drawn in this fiscal year. The loan is a further step to
securing strong liquidity and realising our projects at an
optimal pace.
The substantial activity within EPC necessitates an
adequate level of project financing, both during the
construction phase and for long-term project financing.
Just like the previous year, we have seen increasing
interest rates in all markets. This will impact and increase
the investment cost of our projects in development,
construction and in operation.
The banks’ appetite in project financing is unchanged.
The market needs renewable energy and banks see
great potential, which ensures the possibility of financing
as well as refinancing our projects.
“The Electrolyser Hobro is a Polymer
Electrolyte Membrane unit and can
produce more than 500 kg of pure
hydrogen per day.
The Project Finance department has, during the year,
secured financing covering a total of 186 MW in four
countries
	MW
Poland	46
Denmark	74
Romania	48
Germany	18
Total MW	186
Our Project Finance department has substantial
expertise and experience in securing financing at optimal
rates and timeframes. Further, the Project Finance
department also has a focus on capital structure and
is looking for new opportunities in the market. Given the
existing market volatility, this knowledge and experience
are key to the business.
Organisation
This year, we have focused on organisational foundation
as we have scaled up significantly in recent years.
Establishing a scalable organisational framework
suitable for growth is focal. It will enable us to sustain
our high growth and succeed with our goals and
strategy. This entailed directing our efforts towards
refining and implementing consistent and uniform
processes, systems, and structures throughout the whole
organisation to support our growth strategy.
Our ongoing commitment to enhancing and adapting
our organisation will improve the efficiency of cross-
functional activities while ensuring greater transparency
for both internal and external stakeholders. Maintaining
our focus on strengthening our capabilities and
competencies, tailoring our project management model
to align with our current circumstances is a key factor.
Our most important asset is the people at Eurowind
Energy, as we continue to grow, we need more
passionate people. During the year, we have welcomed
179 new employees. The high number of new employees
brings the Group total to an average of 575 employees in
2023/24. We are proud to attract so many new people to
the Eurowind Energy family and we expect the trend to
continue at a slightly slower pace.
“The Electrolyser Hobro is a Polymer
Electrolyte Membrane unit and can
produce more than 500 kg of pure
hydrogen per day.
Operational activities
Ownership
The sale of electricity generates reoccurring revenue and
returns. Income from the sale of electricity is therefore an
important part of the business model and contributes to
a significant proportion of the revenue.
Operation
The proportionated EBITDA share (net ownership share) of
wind and solar operations comprises EUR 128 million (EUR
216 million in 2022/23). Last year was the highest profit ever
recorded in Eurowind Energy’s history, and the financial
year 2023/24 returned to a normalised level compared to
previous years.
Our proportionated share of sale of electricity decreased by
31% to EUR 176 million - compared to last year. The decrease
is primarily due to lower power prices in most markets.
Eurowind grid connected 199 MW during the year covering
five countries, mainly driven by projects in Denmark, Poland
and Sweden.
The main drivers behind the result of operating projects are
• Back to “normal year” with lower power prices
compared to last year, which was affected by the
energy crisis
• Added capacity during the year
• Average wind production in our core markets,
Germany and Denmark, was lower than normal
Last year, the power prices continued to increase during
the third quarter, peaking in August 22. From October
2022 and the remainder of the financial year, the power
prices in our core market, Denmark and Germany, as well
as Poland, decreased and stabilised around EUR 90 per
MWh in the spot market.
The prices in Denmark, Germany, and in Poland averaged
approximately EUR 90 per MWh in the first half of 2023. In
2023/24, the price decreases continued and by December
2024 reached a level of EUR 70 per MWh in Denmark
and EUR 75 per MWh in Germany and Poland. In Q1 2024
further decrease was realised, stabilising the prices at a
level of EUR 65 per MWh in Denmark and respectively EUR
67 and EUR 82 per MWh in Germany and Poland.
A satisfactory overall return on the portfolio is also
expected in the future.
Like last year, no large divestments have been made
during the year and Eurowind Energy continues to build
up the portfolio of our own developed assets in line with
our strategy.
As an independent power producer, Eurowind Energy,
directly or indirectly, now owns operational wind and solar
parks in 11 countries with a total capacity of 1,317 MW. The
net increase of 199 MW is due to organic growth. Eurowind
Energy has only made minor acquisitions and divestments
of turbines during the year.
Our total power production reached 2,545 GWh in
2023/24, which is a significant increase compared to
last year with a split between solar and wind of 104 GWh
and 2,441 GWh respectively. The full-year production
of our operational parks is expected to generate 3,152
GWh compared to 2,676 GWh last year, increasing the
expected production by 18%.
We expect to see an increase in the share of solar
in our portfolio, which will also level out the revenue
stream during the year. Our own total portfolio’s actual
production and expected full-year production of 2,545
GWh and 3,152 GWh respectively corresponds to the
consumption of close to 705,000 and 873,000 households.
The banks’ interest in project financing is unchanged
from previous years, which ensures the possibility for
refinancing as well as financing our projects. The current
events in the market in 2023/24 in relation to energy price
volatilities and uncertainties due to the war in Ukraine,
have increased inflation and interest rate levels.
The Group owns a net total of 1,203 MW wind turbines
and 114 MW solar projects at the end of the financial year.
We now have more than 1 GW wind in our portfolio where
our core markets, Germany and Denmark, are still paving
the way followed by Poland. Going forward, we will see
more diversified additions to our operational portfolio,
as we have increased and diversified our construction
pipeline both concerning countries and technology.
“Our total power production
reached 2,545 GWh in 2023/24,
which is a significant increase
compared to last year.
Asset Management
Technical and Commercial Management
The Asset Management team delivers a 360-degree
view and analysis of each park. The team is structured,
dedicated, and delivers optimal services, ensuring
effective management of the individual parks around the
world.
The Asset Management team is continuously working
on creating a strong and efficient system for handling
the operating companies, to optimise the operation
and management of each turbine and solar park.
Understanding our customers' expectations is highly
prioritised and our work is centralised around this to
ensure the best possible and most effective execution
of the processes in the management of wind and solar
assets. The Asset Management team monitors and
analyses the performance of the parks with a view to
improving the strategy for production and cost structure,
including refinancing and repowering. The Asset
Management team strives to identify risks and other
factors early to reduce any impact on the assets and
performance.
Progress in 2023/24
The growth in technical and commercial management
continues. The increase is mainly due to organic growth
within our portfolio driven by Poland, Denmark, and
Germany. Assets are operating in a total of 12 countries.
Some of these countries have offices responsible for
the daily operations of the assets, while the rest are
managed from headquarters in Hobro.
Currently, the Group has 2,160 MW under management.
The portfolio under Asset Management will produce a
total of 5,110 GWh, corresponding to more than 1,270,000
households being supplied with green energy.
In line with our strategy to become a Power Major, we
have a goal to significantly increase the MW under
management in the coming years. Asset Management
will continue to expand both organically through strong
construction activities and by adding new customers.
The Asset Management team stands ready to take
over the operation and management of assets
once construction has been completed. With
Eurowind Energy’s presence in the full value chain,
from development to operation, we have in-house
competencies covering the full value chain. These in-
house competencies can be applied to our assets under
management, to achieve the optimal lifecycle for the
assets, for the benefit of our customers.
Asset Management Services
Operational	Analysis and	Contract
Monitoring	Reporting	Management
• Surveillance of wind	• Analysis of performance	• Securing compliance
turbines and solar	• Performance reporting	• Negotiation of contracts
• Analysis of data	• Calculation of lost	• Bargain power towards
• Initiating necessary	production	suppliers
on-site works	• Matches between	• Pushing counterparties
• Processing all technical	measured production	to maximum
utility inquiries	and settled/sold	performance
• Outage information to	electricity
traders, utilities and
service providers
•Switching operations
	Financial	Energy Trading
	Management	(PPA)
	• Bookkeeping	• Invoicing electricity
	• Invoice management	sales
	• VAT and duty	• Negotiation of PPAs,
	management	GOOs and balancing
	• Preparation of financial	agreements
	statements	• Auxiliary services
	• Budgets and forecasts
Projects in development and construction Development
During the year, the Group has continued to grow our
project development pipeline activities by 56% to 53.8 GW.
The pipeline includes projects starting from greenfield,
acquisition of ready-to-build projects and partnering.
The diversity of the pipeline is strengthened as biogas,
battery and other Power-to-X (PtX) projects have been
added and we expect the pipeline to include more
going forward. Further, we continue the development of
our five energy centres in Denmark with a capacity of
approximately 2.5 GW, which we announced two years
ago and are in line with the plan. All five projects will
include wind turbines, solar PV, batteries, biogas, and PtX
(hydrogen production).
We are currently active in 16 countries globally and
have established local offices. It is important to have
a broad geographical presence and to have local
presence for the projects to succeed and for securing
new projects. This corresponds with our long-term
approach of establishing a strong pipeline. This pipeline
is essential to ensure a growth in MW ownership and the
advancement of projects. The continual expansion of this
pipeline has been accomplished through a strong focus
on developing our own projects, both through organic
growth and acquisitions. This effort also includes the
establishment of strategic partnerships in both Europe
and the US.
The dominant countries in the pipeline continue to
be Denmark and Poland, but we see other countries
such as Romania building a substantial pipeline and
has started construction of some of these projects
this financial year. Our distribution in technologies has
become more diversified with wind and solar still being
the dominant technologies, but with an increase in other
technologies such as biogas, batteries, and other PtX
projects. Eurowind Energy is always seeking to optimise
our projects by looking at e.g. access to grid connection
points and where is it possible to combine both wind and
solar to create a hybrid park or looking at the possibility
of creating PtX. This has further accelerated by the
acquisition of Generator Agro in 2023, which holds land
and biogas projects.
With a strong and more diversified pipeline and know-
how, we believe the Group has a strong foundation
for the coming years, where we will see more changes
in settlement systems and auction offerings to be
implemented in several countries.
Construction
Our EPC department (Engineering, Procurement and
Construction) had a busy year in 2023/24 with a gross
construction portfolio of 642 MW in eight countries by
the end of the year and grid connected a total of 199
MW (gross) during the year. As the pipeline has become
more diversified so has the construction pipeline. The
construction pipeline includes more solar projects
compared to previous years and in the coming years will
include different PtX projects, biogas, and battery energy
storage systems (BESS).
To handle the increase in construction activity and the
expected high activity in the future, our EPC department
has significantly increased the number of people during
2023/24.
Wind
At the end of 2023/24, Eurowind Energy had three
wind projects under construction. In total, the active
construction activities constitute some 64 MW of new
renewable capacity expected to be grid connected
during 2024 or 2025. The construction sites are driven
by large projects in Germany, Romania and Italy. During
2023/24, Eurowind Energy completed the construction of
six wind projects across five countries amounting to 159
MW.
Solar
During 2023/24, Eurowind Energy increased our solar
construction projects significantly, which by the end
of the fiscal year reached to 578 MW in six countries.
The main construction sites are located in Bulgaria, the
United States, Romania, Portugal, Poland and Germany.
Three solar projects with a total of 39 MW were
completed during 2023/24 in Denmark and Poland. The
projects were established in combination with wind.
Grid connections in 2023/24
During 2023/24, we grid connected 199 MW (net 178 MW)
spread over five countries
Project	MW
Denmark	77
Germany	13
Poland	47
Sweden	46
United Kingdom	16
Total	199
We foresee that the high construction activity will
continue in the years to come due to our strong pipeline
being further developed and reaching ready-to-build
stage. The main focus is still on wind projects as, in
general, they have two to three times higher production
capacity, per installed MW than solar, but we still expect
to see more solar projects and PtX projects in the future.
Over the past few years, various disruptive elements
have come into play, including challenges in the shipping
market and the ongoing conflict in Ukraine. These
elements have exerted pressure on the inflation of raw
materials and the lead time for e.g. wind turbines and
solar panels. This remains a variable that could influence
the project's construction timeline and potentially
increase the total of the investment.
The disruptions have had an impact on the energy price
market, resulting in uncertainty and volatile movements.
However, we continue to remain focused on executing
our strategy, contributing to the green transition and
delivering affordable green energy.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Financial performance
Income statement
Revenue
In 2023/24, a revenue of EUR 149 million was realized,
corresponding to a decrease of EUR 71 million, compared
to last year.
Sale of electricity decreased with EUR 72 million and the
total sales of electricity amounted to EUR 141 in 2023/24
(2022/23: EUR 213 million). The decrease during the year
is primarily impacted by lower power prices, but also
an increase in renewable energy capacity under our
ownership. The lower power prices were partly offset by
higher than normal wind conditions in our core markets.
The revenue from our Asset management segment
decreased to EUR 5 million in 2023/24 (2022/23: EUR
6 million). The decrease was a mix of an increase in
our renewable capacity, the full year effect from park
commissioned last year and lower revenues in the parks
due to lower power prices.
The revenue was obtained through our reoccurring
activities; sale of electricity and asset management,
which accounted for 98 % of the total sales as no
significant divestment of operating parks were made in
2023/24. This is in line with our strategy to increase our
reoccurring revenue.
The portion of total profits attributed to the Group from
the sale of electricity generated by our operational
wind and solar parks remains a substantial component,
forming a robust foundation for the Group. This share
may fluctuate, depending on how well the operating
portfolio performs and the number of divestments
executed throughout the year.
'Gross profit
The gross profit amounted to EUR 121 million (2022/23
EUR 195 million) and a gross margin of 81%. Both gross
profit and margin decreased compared to last year
primarily due to lower power prices. The gross margin
remains elevated because the sale of electricity yields
has a high profit margin, and there were no significant
divestments made during the fiscal year 2023/24.
'Profit before tax
The realised profit before tax is EUR 16 million compared
to EUR 315 million last fiscal year. Last year was highly
affected by a high profit from Norlys Energy Trading due
to high volatility in power prices. This year the activity has
been normalised.
Staff costs increased significantly due to increased
activity and ramping up the business. Results from
associated companies decreased significantly primarily
due to Norlys Energy Trading, which delivered a very high
profit last fiscal year. The depreciation increased due to
our significant increase in our operational capacity.
Net financial expenses were EUR 22 million (2022/23
EUR 13 million), an increase of EUR 9 million. This increase
in net financial expenses is primarily driven by the high
interest rates, which have increased during the year.
Balance sheet
WTG/PV projects
During the year, we increased our WTG/PV projects
by EUR 127 million to EUR 974 million and our assets
under development and construction by EUR 45 million
to EUR 306 million, which constitutes our strategy of
being an independent power producer. The growth in
our operational assets can be attributed mainly to the
commencement of operations at our wind and PV assets
in Denmark, Sweden, and Poland, while additions in
Germany and the UK have been smaller sites. We have
begun construction on a significant number of projects
in 2023/24 and expect the majority of these to reach
operational status within the next year.
Equity investments in associates
Our investments in affiliated companies have decreased
by EUR 22 million, which is mainly due paid out dividend.
Equity and capital position
Equity, including minority interests and the hybrid capital,
amounts to EUR 696 million (EUR 689 million in 2022/23).
The increase is primality the result of realised earnings in
2023/24.
The equity ratio of the Group including the Hybrid capital
and minority interests, is 36% (40% in 2022/23). The
solvency in the Group, incl. the subordinated loans, is
49% (42% in 2022/23. Based on the ratios the Group has a
strong position for the future.
Long-term liabilities
The long-term liabilities amounted to EUR 919 million
(2022/23: EUR 840 million) an increase of EUR 79 million
compared to last year.
The increase is mainly driven by increased subordinated
loans together with a lower bank debt. The subordinated
loan including interests increased by EUR 203 million
while bank debt decreased by EUR 152 million due to
increase of the short term portion of bankloan with 116
million. We collaborate with various financial institutions
to secure project financing, which varies based on the
location of the construction site, the project's scale, and
the involvement of co-investors.
Cash flow
The cash flows from operating activities comprise EUR
22 million for the Group (EUR 134 million in 2022/23).
Compared to last year the operating activities are
negatively affected due to lower earnings during the
year. Primarily due to lower power prices and higher
interest rates.
Cash flow from investing activities amounts to EUR -235
million (EUR -282 million in 2022/23) due to our high
construction activity.
Cash flow from financing activities amounting to EUR 196
million (EUR 212 million in 2022/23) are affected by our
growing activity during the year, which can be seen in the
increase in long-term borrowing.
The Group compiles monthly cash forecasts that
span a minimum of 12 months ahead. These forecasts
play a crucial role in several aspects for senior
management, particularly when assessing the feasibility
of commencing new "ready-to-build" projects and the
acquisition of additional projects.
Environmental Social Governance
Highlights and achievements
1883.4 – GWh of green	457,671 - tonnes of CO2	4.3% - employee	8.2/10 - employee	+2 full-time employees (FTEs) to
electricity produced	equivalent (CO2e) avoided*	turnover	satisfaction	Sustainability team in preparation for
				Corporate Sustainability Reporting
				Directive (CSRD) compliance
*The figure is calculated based on the calendar year and not the financial year.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Significant events after the end of the financial year

In July 2024 Eurowind Energy entered into a share sale and

purchase agreement with Wind Estate concluding a partial

divestment of two Danish Wind farms, namely Overgaard

and Nørre Økse Sø. The agreement includes customary

closing conditions expected to be fulfilled in Q4 2024. The

transaction includes a partial acquisition of Wind Estates

16 turbines in proximity of Eurowind Energy’s wind farm in

Overgaard, creating the largest wind park in Denmark.

The result of the transaction is expected to positively impact

the earnings and cash flow in 2nd half of 2024.

Generalforsamlingsdato: 11-11-2024