European Energy starts construction of 103 MW »Troia« PV plant in Italy

European Energy A/S announced that the company took »several important strategic steps« in the second quarter of 2019. The Danish project developer began construction of the »Troia« PV project with a capacity of 103 MW. The solar farm will be constructed in two phases and when completed in the first quarter of 2020, it will be the largest solar farm in Italy. By the end of the quarter, the Group had 204.7 MW under construction.
European Energy also sold six solar PV plants with a combined capacity of 10.1 MW in Spain during the second quarter. The plants were constructed in 2008, when the company entered the Spanish market.
The profit before tax for the first half year of 2019 for the Group equals €22.4 million ($24.6 million), compared to €0.9 million in the same period of 2018. EBITDA for the first six months was €26.5 million ($29.1 million), compared to €5.4 million last year. Profit before tax for the quarter was €1.7 million ($1.9 million) up from 2018 where the Group achieved loss in the second quarter of €1.2 million.
Late in the second quarter, European Energy closed a new green bond of €140 million ($154 million)at 5.35 percent interest. The bond was over-subscribed with requests for €296 million. Part of the proceeds will fund new green projects. The company expects to deliver an EBITDA of €40 to 45 million ($44 to 54 million) and a profit before tax of €30 to 35 million in 2019.

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