At the end of 2019, Enefit Green’s revenues from renewable energy amounted to 151.5 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 90.3 million euros, of which commercial profit was 49.5 million euros. Enefit Green had a net profit of 36.8 million Euros in 2019.
The economic performance of the group was most affected by the merger of Enefit Green and Nelja Energia, favourable wind conditions, high reliability of wind parks operation and increased total renewable energy production. As a result, the company’s profits, including support for renewable energy and other commercial activities, increased by 94 percent to EUR 151.5 million during the past year.
“We see the greatest growth opportunities for Enefit Green in the development of wind farms, which is further supported by the development of solar energy solutions. We currently have projects to develop new wind parks in different phases in four markets, Estonia, Latvia, Lithuania and Finland. In addition, we are developing solar energy projects in equal measure in all of our home markets, the largest of which is in Poland. At the same time, we are also focusing on the even smarter and more efficient operation of the existing renewable energy assets of Enefit Green,” said Aavo Kärmas, Chairman of the Management Board of Enefit Green.
In 2019, Enefit Green produced a record 1,197 TWh of renewable electricity, which was more than one fifth of the total electricity production of Eesti Energia group. Most of the renewable electricity produced, or 1,023 GWh, was generated from wind, 164 GWh from co-production plants and 9 gigawatt hours from solar. In 2019, Enefit Green generated 573 GWh of heat.
Enefit Green (part of the international Eesti Energia group) brings together renewable energy companies in Estonia, Latvia, Lithuania and Poland. There are total of 20 wind farms, 4 co-production plants, 36 solar power plants, a biomass pellet manufacturing plant and a hydroelectric power plant.