TERNA Energy’s investment activity in the first half of this year was significant, as the corresponding program more than doubled compared to the corresponding period last year and amounted to EUR 138.8 million compared to EUR 67.6 million. During this period, the listed company focused on the completion of a 330 MW wind farm in the Kafirea area of ​​Evia. The fleet is expected to be operational by the end of 2022 or early 2023 at the latest, increasing the company’s installed capacity from 895.3 MW to 1,225.3 MW.

It is expected that by the end of 2023, the photovoltaic parks of Fokida (110 MW) and Kossos in the Xanthi region (72 MW) will also be added to the TERNA Energy portfolio. These three investments represent a total investment of over 650 million euros, with the lion’s share coming from the Evia wind farm, amounting to 555 million euros. The listed company’s next major investment (in time) will be the 680 MW Amfilochia hydroelectric project, which is expected to cost close to 650 million euros. The goal is to complete it by early 2026.

It is recalled that the goal of the management is to achieve TERNA Energy increase in installed capacity to 3.3 GW by the end of 2025, and by 2029 the investment program of 6 billion euros provides for an increase in capacity to 6.4 GW. For the current financial year, management is talking about €160 million to €170 million in operating profit, which will increase to €700 million a year when the investment program is completed towards the end of the decade.

In the first half of the year, they more than doubled compared to the corresponding period last year.

In the first half of this year, the company achieved a 17% increase in net income from continuing operations, which amounted to 33.7 million euros compared to 28.5 million euros last year (excluding last year’s sale of 95 million euros from the US market, which negatively affected the result). Accordingly, revenue amounted to 267 million euros, an increase of 98%. In particular, revenues from the sale of energy increased to 122.4 million euros (from 95.8 million euros), revenues from the construction sector amounted to 24.3 million euros (from 6.5 million euros last year), and income from international trade energy was 120.9 million euros, compared to 26.6 million euros due to high energy prices. Adjusted operating EBITDA from continuing operations also increased significantly by 40.8% to €95.7 million.

The group’s management is currently negotiating with the Australian investment group First Sentier regarding a possible sale of the listed company. If the relevant discussions are successful, there will also be a public offering addressed to all shareholders of the company. In a word, individual “packages” of major shareholders will not be sold. The purpose of management is to “spread” profits from the company’s growth and prospects to all investors. Any development, positive or negative, should be expected during November.