Company type
Limited Corporation
Established
2006
Size
Medium
Employees
99
Revenue
18 MDKK
Gross profit
-19,941,088 DKK
Operating Profit (EBIT)
-83,351,360 DKK
Profit for the year
2,062 MDKK
Equity
5,086 MDKK
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Rank Profit for the year

Rank in industry
1/478
"Top 10%"
Rank in Denmark
72/350,493
"Top 10%"

Top management top 3

Board top 3

Gert Vinther Jørgensen 24Chairman of board
Søren Rasmussen 101Vice chairman
Jakob Kirkegaard Kortbæk 18Boardmember

Legal owners top 3

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

Rights certificate

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.

Company information based on CVR

NameEurowind Energy A/S
Alternate namesEnergimidt Renewables A/S, Eniig Renewables A/S, Windpartners A/S Show more
CVR30006348
AddressMariagervej 58B, 9500 Hobro
IndustryConstruction of utility projects for electricity and communications [422200]
Established20-11-2006 (17 yr)
First financial statement period20-11-2006 to 30-06-2007
Company typeLimited Corporation
Number of employees174 (man years:163)
Advertising protectionYes
AuditorBdo Statsautoriseret Revisionsaktieselskab since 20-11-2006
Financial statement period01-07 to 30-06
Bank connectionNykredit Bank
Company capital1,665,820 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)
Articles of assoc. last10-11-2021

Member of industries

Purpose

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

Financial Statement

 202320222021
Currency/unit000' DKK000' DKK000' DKK
Revenue
18,121
-78%
82,628
+194%
28,070
+177%
Gross Profit
-19,941
-
-24,102
-
-12,126
-
Profit for the year
2,062,143
+208%
670,271
+526%
107,118
+76%
Equity
5,086,327
+67%
3,048,913
+50%
2,035,013
+30%
Total Assets
8,662,367
+74%
4,973,646
+38%
3,610,590
+25%

Mangement review summary

Management's review
Management's review
Letter from the CEO
High performance
- Ramping up the business
Dear reader,
The financial year 2022/23 was positive for us as it was
financially rewarding; but also because it showed that
our long term strategy worked well – even through the
most dramatic 12 months experienced in the European
energy industry in the past 50 years.
2022/23 was unique as it was what can best be
described as a “black swan event”. The black swan
theory is a metaphor that describes an event that
comes as a surprise, has a major effect, and is often
inappropriately rationalised after the fact with the
benefit of hindsight. The term is based on an ancient
saying that presumed black swans did not exist – a
saying that became reinterpreted to teach a different
lesson after they were discovered in Australia.
The combination of drought in Southern Norway and
France meant that the war in Ukraine and subsequent
reduction of Russian gas to Europe made the energy
markets highly volatile. This was combined with high
inflation and steadily growing interest rates.
In this market we managed to make a healthy profit
on our activities in Eurowind Energy, while our minority
ownership in Norlys Energy Trading also provided
substantial income.
This allows us to report a gross profit of EUR 188 million
for the year, compared to EUR 127 million in 2021/22. The
profit before tax reached EUR 315 million, as opposed
to EUR 115 million in the previous year, it is worth noting
that the revenue generated was without the sale of any
operating assets in the past 12 months.
For us it is also important to mention that we see the
black swan event of 2022/23 as an outlier. Already, in
late 2022, we could see the markets adjusting to the
new reality and the energy prices dropping accordingly.
Although, we benefited from temporarily high energy
prices, we believe that stable and affordable energy
prices provides better long-term market conditions for
the energy transition.
Our long-term strategy to be present in the full renewable
energy value chain also showed its value during the
tumultuous period on the energy markets. We managed
to increase our development pipeline from 25 to 34 GW,
while we had a record high construction activity. This is
reflected in our operating assets which grew to 1.1 GW –
the majority being wind parks in Northern Europe.
“ In this market we
managed to make a
healthy profit on our
activities in Eurowind
Energy.
In 2022/23, we built on our Energy Centre concept by
officially entering the biogas market. We acquired
a portfolio of development projects in Denmark and
to ensure we have the right competencies, we also
welcomed the German biogas company, Greenline, into
the Eurowind Energy family. Being a solid player within
biogas is a prerequisite to realising our plans of large-
scale energy centres with solar, wind turbines, biogas
production, PtX.
Touching on acquisitions, it is important to note that
we also acquired the majority stake in our French joint
venture, Ventelys. Ventelys is already a well-known
company in the French energy industry, which means
that we will continue to use the existing name and brand
in France.
In the financial year, we also inaugurated several new
energy facilities, namely Wind Park Overgaard in
Denmark, Wind Park Knöstad in Sweden, Windpark
Kortekallio in Finland and Solar Park Triana in Portugal.
Especially Knöstad, Kortekallio and Triana are worth
noting as they are our first operating assets in Sweden,
FInland and Portugal. It is always an important
moment for any market when it progresses from pure
development to actual power production. That is when
our colleagues, investors and other stakeholders can see
tangible results in that specific market.
These achievements are only possible because we have
the right strategy, owners with the right perspective on
value creation and a unique group of employees that
continue to deliver at a very high level. We hired 196
new employees in the financial year and we will spend
significant resources to ensure that they get the right
introduction to the company and the Eurowind Energy
DNA.
Our portfolio of development projects combined with
a strong financial position and a very special group of
people means we are confident that we will reach our
goal of becoming a power major – even if we have to
face more black swan events getting there.
Jens Rasmussen,
CEO of Eurowind Energy
“ Our portfolio of
development projects
combined with a strong
financial position and
a very special group
of people means we
are confident that we
will reach our goal of
becoming a power
major.
Always in motion
“ because we have
the right strategy
and a unique group
of people
Description of development in activities and financial affairs
World trends
“ As a result, there is a
rising need for renewable
power producers to
stabilise the output.
Since the Russian invasion of Ukraine in February 2022,
energy security has jumped to the top of the agenda
all over the world. With no immediate end to the war in
sight, it has become clear that power sector policies and
investments will increasingly bring energy security and
the energy transition together.
The energy supply crisis that arose in 2021/22 will likely
persist in the years to come. Many of the underlying
reasons for the crisis remain, even though markets and
nation states are getting better at mitigating the
short-term impacts. However, the world’s shortage
of fuels and power - the result of underinvestment in
energy infrastructure, a strong post - COVID-19 economic
rebound, and the Russia-Ukraine war - will bolster many
power markets’ energy transition.
Indeed, as attention fell on energy prices and inflation,
policymakers have passed momentous energy transition
policies, such as the Inflation Reduction Act (IRA) in the
United States and REPowerEU in the European Union;
and more will come that will rapidly translate into real
investments in green energy.
The power sector is sensitive to gas and coal price
fluctuations, and renewable energies offer governments
and investors a cheap source of domestic generation on
a levelised cost basis, a refuge from volatile fuel prices,
and a safeguard against assets being stranded on the
road toward decarbonisation. Already in 2022, although
gas and coal generation increased globally, generation
from wind and solar grew much faster (nuclear
generation declined and hydro use remained stable).
Renewable energy continued to grow strongly in 2022,
with solar and wind reaching a 7.5% share of primary
energy consumption. This was an increase of nearly
1% over the previous year. Renewable power (excluding
hydro) grew 14%, slightly below the previous year’s growth
rate of 16%, according to Enerdata.
While renewable power expanded at high rates, fossil
fuels maintained an 82% share of total primary energy
consumption. Natural gas and coal demand stayed
nearly flat with oil rebounding close to pre-pandemic
levels. This is down from an 87% share in 2010. At that rate
of decline, it would be nearly 200 years before fossil fuel
consumption reached zero.
Human actions since the Industrial Revolution, primarily
the burning of fossil fuels, have caused greenhouse
gases to rapidly rise in the atmosphere. As carbon
dioxide, methane, and other gases increase, they act
as a blanket, trapping heat and warming the planet. In
response, Earth’s air and ocean temperatures rise. This
warming affects the water cycle, shifts weather patterns,
and melts land ice — all impacts that can make extreme
weather worse.
The Intergovernmental Panel on Climate Change (IPCC)
Sixth Assessment Report (2023) showed that changes in
many extreme weather and climate events have been
observed since about 1950. There is evidence of a human
contribution to changes in temperature extremes, heavy
rainfall events, and an increase in extreme high sea levels
in a number of regions.
As the global temperatures have risen, the frequency of
extreme weather events have increased along with it.
Heatwaves, droughts and extreme rainstorms used to
happen once in a decade on average, but now
• Heatwaves are 2.8x more frequent
• Droughts are 1.7x more frequent
• Extreme rainstorms are 1.3x more frequent
By 2030, the global surface temperature is expected to
rise 1.5°C above the Earth’s baseline temperature, which
means that
• Heatwaves would be 4.1x more frequent
• Droughts would be 2x more frequent
• Extreme rainstorms would be 1.5x more frequent
The continued energy transition and development
of new technologies are required to stop this climate
development.
Breakthrough for energy storage
Energy resilience is primarily thought of as ensuring
energy continuity at times of grid supply disruption – but
the energy landscape is now seeing disruption in all areas
of energy strategy, and it is crucial to be resilient to a
variety of challenges. Keeping energy prices stable amid
volatility is driving resilience to economic uncertainty;
what industry experts call “economic resilience.”
For instance, in some areas of the world, the energy
transition is leading to significant changes in tariffs
and pricing. This is especially true for markets with high
electricity needs at times of peak energy usage grid-
wide. As a result, there is a rising need for renewable
power producers to stabilise the output, either from
storage or combining generating technologies that
provide a high number of full-load hours.
Even after years of rapid growth, BloombergNEF predicts
that the global energy storage market will grow 30%
annually to 2030, with the world’s biggest storage market
currently in the United States. The agency is projecting
that energy storage installation worldwide will reach 411
GW by the end of 2030 – 15 times the 27 GW of storage
online at the end of 2021.
The reason behind this massive growth projection
is that decarbonising the grid requires thousands of
megawatts of baseload resources that run continuously
for an extended period – such as coal, nuclear, or natural
gas – to be replaced with resources like wind and solar.
The switch will necessitate a widespread deployment
of energy storage. This technology complements and
optimises renewables while ensuring the grid can keep
energy supply and demand in balance.
In markets like Europe, Texas and California, pumped
storage and batteries increasingly temper the swings in
solar and wind generation. By 2025, China is targeting 62
GW of pumped storage (a 72% increase from today) and
30 GW of batteries.
Supply chains to slowly shift toward localisation
In 2022, supply chain disruptions owing to trade
sanctions, China’s COVID-19 lockdowns, and material
shortages, raised the cost of the raw materials
and technologies used for power generation and
transmission. At the same time, the high pace of
inflation led central banks around the world to raise
interest rates, in turn increasing the cost of financing for
energy infrastructure projects. Despite these hurdles,
the competitiveness of renewables is increasing and
investments in clean energy will accelerate in the coming
years.
Supply chains will likely start seeing redefined trade
routes and a slow shift toward localisation in 2023 and
beyond. Sanctions on Russia, a top global supplier of
nickel, refined copper, and steel, are redirecting the
country’s output toward China. The United States and
Europe could meanwhile increase imports from Australia
for nickel, Chile and Peru for copper, and Southeast Asia
for steel, for example, although changes will be gradual.
Of great consequence, concerns over growing tensions
between the United States and China are spurring policy
ambitions for domestic supply chains. The Defense
Production Act and the IRA in the United States, as well
as the REPowerEU initiative in the European Union, aim
to reduce the dependence on China for rare earths,
photovoltaic modules, wind turbine components, and
more.
“ Supply chains will likely
start seeing redefined
trade routes and a slow
shift toward localisation in
2023 and beyond.
“ Renewable energy
continued to grow
strongly
Strategy
Eurowind Energy’s long-term aspiration is clear
To become a power major by 2030.
The power major aspiration was developed and
approved by the Board of Directors in the spring of
2022 and the key elements of the strategy remains
unchanged: an aggressive growth strategy – and at
the same time Eurowind Energy has made the strategic
decision to hold on to operating assets in order to ensure
a reoccurring revenue that can be re-invested in project
development and construction of new assets.
Eurowind Energy has approximately 1 GW of wind power
assets in Europe and a 71 MW solar portfolio – located
from Portugal in the south, to Finland in the north.
Combined with the ownership share in Norlys Energy
Trading, the Group has an excellent financial position to
continue the march towards power major status.
The aspiration and the outset is unchanged, but
Eurowind Energy has still used 2023 to refine the means
that will make the company a power major.
There are, broadly speaking, three revenue streams as
an independent power producer. The first is, the sale
of power. The second is balancing services, where the
independent power producer sells ancillary services to
the grid provider, which helps stabilise the grid. The third
revenue stream is to provide security of supply to society.
Today, all renewable independent power producers sell
their power. However, very few generate measurable
income from ancillary services and security of supply.
The barriers are historical practices and are also
regulatory and technical in nature. Eurowind Energy
has accelerated the work to find solutions to the
challenges keeping independent power producers
out of the balancing market and to ensure income
from guaranteeing security of supply. The market for
balancing services is dominated by power plants running
on fossil fuels and the bidding system favours those
power producers. But as the fossil fuels power plants are
being phased out, the system will need to open for other
bidders, including independent power producers in the
renewable energy industry. This is why Eurowind Energy
is installing batteries at several parks, including the
hybridpark Greenlab Skive in Denmark testing different
storage solutions.
Eurowind Energy estimates that making a business of
security of supply will take longer. However, projects,
such as Green Hydrogen Hub, are playing that role for
the system and will eventually be rewarded for it. Again
it is a role that was previously taken by fossil-fuel-based
power plants and interconnectors between markets. The
interconnectors will still play a large role in the system,
while power plants running on fossil fuels are getting few
and far between.
Being a participant within security of supply and
balancing services, will extend our cooperation with
Norlys Energy Trading, which again maximises the
earnings potential of the Group’s power production.
Geography
Eurowind Energy is present in 16 countries, either
through subsidiaries or through partnerships with local
developers. It is the ambition to expand to 1-2 new
markets every year.
In order to minimise the currency risk, navigate cultural
differences and issues with time zones, Eurowind Energy
has previously seen the Eurozone as its primary area, but
it has now expanded to the OECD area as the natural
geographical boundary. In the future, this will remain the
focus for the establishment of new markets. However,
should attractive opportunities arise outside these areas,
these will be evaluated thoroughly. Throughout 2022/23,
several markets have been evaluated to determine the
attractiveness, but so far no decision has been made
regarding new market entries. The evaluation process is
ongoing and changes in political landscape, currency
risk and business opportunities are always noted with
interest.
Technology
Eurowind Energy is a wind developer that also has the
ability to develop, construct and operate solar, batteries,
electrolysers and other PtX technologies. The distribution
in technology for the development pipeline is close to
50% wind and 50% solar capacity wise, with Denmark
and Poland carrying the majority of the solar portfolio.
However production wise, the ratio will be closer to 75%
wind and 25% solar.
Eurowind Energy continuously work with the technologies
that will form Energy Centres in the future. As a result,
experts are working with batteries, heat pumps,
electrolysers and other technologies in order to facilitate
the establishment of Energy Centres. However, the basis
for Energy Centres is still power-generating technologies,
such as solar and wind turbines.
In 2023, Eurowind Energy entered the biogas market
by acquiring a portfolio of Danish development
projects, with the most mature expected to be ready for
construction in 2024. The biogas plants will, as a general
rule, be co-located with the Group's power-producing
assets, most likely in Energy Centres. The geographical
starting point will be Denmark and countries where the
agricultural sector shares similarities with the Danish
sector, e.g. Germany, Poland and United Kingdom.
The biogas is expected to be produced without excessive
use of accelerators, even though this could prolong the
gasification process from 40 to 100 days. The facilities
will produce oxygen, CO2, biogas, and fertiliser, but
the gases have the potential to be processed further,
most likely in combination with hydrogen, to produce
e-fuels, methanol etc. Furthermore, the gas can be
processed into different products to be used in industrial
production. The final products will depend, to a great
extent, on the local off-taker.
2023 was also the year where Eurowind Energy could
document the efficiency of hybrid parks with solar and
wind. St. Soels went into operation in 2022 and less than
a year later, data showed that the number of full load
hours was competitive with offshore wind.
According to the Danish Energy Agency, the expected
number of full load hours for the Thor Offshore Wind
Park in the North Sea, which is expected to come into
operation in 2026, is around 4,875 full load hours. The
Thor Offshore Wind Park will consists of 72 Siemens-
Gamesa 14 MW 14-236 DD turbines. The newest offshore
park in operation in Denmark is Kriegers Flak, located in
the Baltic Sea, with approximately 4,250 full load hours
during a year. The onshore hybrid park, St. Soels, which
consists of 7 V126-3.6 MW Vestas turbines and 19 MW
solar has, in its first year of operation, generated 4,650
full load hours, making it more efficient than offshore
wind farms in the Baltic Sea.
“ St. Soels went into
operation in 2022 and
less than a year later,
data showed that the
number of full load hours
was competitive with
offshore wind.
Power-to-X – the future
The Power-to-X (PtX) sector has come to stay and has
witnessed significant expansion, not just within Eurowind
Energy, but on a global scale as well. We are of the firm
belief that PtX will hold a fundamental role in the times to
come.
Eurowind Energy holds a strong and proven track record
of accomplishments in the development, construction,
and operation of renewable resources. By combining
our expertise in this area and embracing the potential
to convert green energy into hydrogen or e-methanol,
Eurowind Energy will extend its coverage across the value
chain.
In 2021/22, Eurowind Energy made substantial
advancements in the field of PtX (Power-to-X), which is
particularly marked by the commissioning of two hybrid
energy parks and last summer’s declaration regarding
the construction of five energy centres in Denmark. These
centres will emerge as key facilities for the large scale
generation and processing of green energy; collectively
possessing a total power generation capacity of around
2.5 GW.
Last year, we made several strategic partnerships,
through Green Hydrogen Hub and Greenlab Skive
in particular. The objective for Green Hydrogen
Hub is to develop the value chain for hydrogen and
energy storage networks to enable the integration of
renewables. The project is progressing as planned. The
same applies for Greenlab Skive – the wind park has
been fully constructed and commissioned. Further, the
solar part of the project will be operational during the
coming financial year. At both Greenlab Skive and the
two hybrid energy parks in Veddum Kær and St. Soels,
we see promising possibilities for further development
capabilities and growth, which can include the
integration of electrolysis and battery technologies.
During this year, we continued to advance our Energy
Centre concept by officially entering the biogas market
through strategic acquisitions.
Establishing a strong presence in the biogas domain is
essential for the successful execution of our ambitions
concerning large scale energy centres that include
solar, wind turbines, biogas generation, Power-to-X
technologies, and additional advancements up the value
chain.
Heating
During the year, advancements have been made on
projects within Denmark's district heating sector. Our
initiatives in Denmark are geared towards supporting
green heating for households. This is achieved by utilising
heat pumps that derive power from the green energy
obtained from our parks, subsequently generating
heated water for various uses.
Our business model
“ We build energy projects.“ We choose the proper“ We prepare infrastructure.
Then we produce power.location. Then we implement.Then we deliver.
1. Opportunities2. Development3. Local involvement
Identifying opportunities are essential for creating business.When an area is assessed as suitable, we carry out theLocal residents and stakeholder involvement is essential
Identification and screening opportunities are done throughnecessary steps in cooperation with the authorities, bothas early as possible in the process. It is important to
our own offices, our partnerships, joint ventures andnational and local, e.g. concerning permits. Our closeunderstand and address any concerns that they may
external parties. We have in-depth knowledge of screeningrelationship with landowners and developers ensureshave. At Eurowind Energy, the importance of a broad
the opportunities and only execute on the best. Oncethat we have a clear view of the risks involved in theinvolvement is vital. Typically, local involvement includes
the sites have been identified, a thorough resourcedevelopment of the projects.close contact with but not limited to: close neighbours of
assessment and analysis will be performed, includingsites, landowners, local residents and municipalities.
wind measurements, negotiation of land leases, access to
the area with landowners and grid connection, as well as
assessment of environmental impacts.
New technologies - enablers
Power-to-XHeating
See page 20Renewable energy is used to power heat
Renewable Energy is used in downstreampumps, which creates heated water for
technologies to produce green hydrogendistrict heating to households.
through electrolysis and by adding CO2
creating e-methanol.
“ We build energy projects.“ We manage your investment.
Then we produce power.Then we make it grow.
4. Construction5. Power purchase agreement6. Operation
Before construction, we secure that all necessaryAs more and more markets are moving away fromAs part of our strategy of being an independent power
permits are available, including legal due diligence ofsubsidies, corporate power purchase agreements (PPA)producer, we aim to keep our ownership of the projects
the project’s permits as well as a financial due diligence.have begun to fill the need for long-term and secureand assets. After construction, the management of
We have a strong track record for delivering projectspower sales. PPAs are long-term contracts with a businessthe parks is handed over to our asset management
and infrastructure, such as cable and road, on time andto deliver renewable power at an agreed price. PPAs aredepartment to optimise the parks, which includes the
on budget. The construction takes place in cooperationtypically made before the construction phase, but cantechnical, commercial and financial aspects.
with, and in compliance with, all parties involved in thealso occur at a later project stage.
project. After a successful and turn-key construction,
the wind turbines or solar plants are prepared for grid
connection and commissioning.
Key themes – marked by
exceptional achievements
Milestones for the year
• Highest electricity sales and profit in the history of the company
• Record high construction activity
• Highest installed capacity within one year
• Reaching more than 1 GW of own installed capacity
• Started construction of a 237 MW solar park - Eurowinds largest single project
Another exceptional year - achieving the highest
electricity sales and profit
This year marked yet another remarkable year for
Eurowind Energy. For the second year in a row, we
reached the highest sale of electricity and profit
ever generated in the history of the Group. This was
generated in a very turbulent year with volatile power
prices, high inflation and increasing interest rates proving
our business model and strategy are strong, well founded
and resilient. The Group’s position as an independent
power producer and playing a substantial role in the
renewable energy market, is further strengthened and
consolidated.
The electricity sale increased by 43%, from EUR 148
million to EUR 213 million; bringing the profit before tax to
EUR 315 million from EUR 115 million last year.
The main drivers for these results were
• Continued high power prices, peaking in August 2022
and decreasing and stabilising from January 2023
and the remainder of the financial year
• 258 MW new operational parks were grid connected
• Strong result from Norlys Energy Trading
The power prices continued to rise, peaking in August
2022 and hereafter the prices decreased and stabilised
in our core markets, Denmark and Germany, at around
EUR 90 per MWh.
During the year, 258 MW were grid connected, increasing
both our revenue and profits. We grid connected in
seven countries, of which four were new countries,
bringing further geographical diversity to our operational
activities.
Our affiliated company, Norlys Energy Trading continued
to expand its operations and its presence, and was
able to capitalise on the fluctuating energy prices in the
European market, which led to a strong profit.
Ramping up the business
Pipeline
During the year, the Group grew the pipeline by 35% to
34 GW. We expect to maintain strong growth in 2023/24,
but will also have a strong focus on qualifying the current
pipeline.
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.
Power-to-X
Besides developing wind and solar projects, we are
focusing on maturing our presence within the Power-to-X
business area. Last year we made strategic partnerships
especially through Green Hydrogen Hub and Greenlab
Skive. At Greenlab Skive, we commissioned 13 turbines
during the year and are currently constructing the solar
park.
The Power-to-X industry 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.
Record high construction activity
Our EPC-department (Engineering, Procurement and
Construction) have had yet another busy year energising
several new parks in seven countries. At the end of our
financial year, the EPC department was constructing
at 22 sites in ten countries with a total capacity of 763
MW. Our construction pipeline has larger projects both
within solar and wind where solar plays a larger role than
previously. Together with our Bulgarian partner, we have
initiated construction of a 237 MW solar park - the largest
single project to date.
We expect this significant construction activity to
continue in the years ahead as our robust pipeline
continues to evolve and materialise.
Reaching 1.1 GW of installed capacity
The net-owned MW increased during the year, through
organic growth and the remainder through other minor
strategic acquisitions. The net-owned MW increased
from 857 MW to 1,118 MW, breaking the 1 GW of installed
capacity not only in total, but also for wind, which
reached 1,047 MW.
In 2022/23, we commissioned a record high 258 MW
to the grid in seven countries – this record-breaking
achievement is a huge step in the development of the
Group. The increase is primarily driven by completion
of our fully owned Danish project, Greenlab Skive, our
Swedish project, Knöstad, and our Portuguese project,
Triana. We now have operational parks in ten 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
As we are ramping up the business and setting record
high activity levels in our business, the Group continues to
have a focus on securing financing on a corporate level
as well as project financing.
During the year, we changed one of our main corporate
banks to Nykredit and, together with Jyske Bank, we
signed a facility loan agreement for EUR 215 million,
where also Spar Nord Bank participated in the facility.
The loan is to further consolidate our capital position and
to execute and materialise our projects and secure the
continued growth of our business.
The substantial activity within EPC necessitates an
adequate level of project financing, both during the
construction phase and for long-term project financing.
During the 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.
CountriesOrganic growthAcquisitionsDivestment/
MWMWdecommissioning
MW
Germany408-2
Denmark781-4
Finland11
Italy5
Poland59
Portugal22
Sweden43
Total2589-6
The banks’ interest 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 of our projects.
The Project Finance department has, during the year,
secured a total of 242 MW in four countries and expects
to close several financings during the second half of
2023
MW
Germany25
Denmark98
Portugal73
Sweden46
Total MW242
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
is key to the business.
Markets
We grid connected assets in four new countries this year,
which gives us a strong footprint in Europe. In the next
couple of years, we expect to increase the number of
countries where we have operational parks, making our
position even stronger.
Since 2018, Eurowind have jointly owned a French
development company named Ventelys. During 2022/23,
we acquired the majority of the company to further
consolidate the French market. We see great potential in
the company and its employees. With the acquisition, we
strongly believe that we can accelerate and materialise
the development, and increase the development pipeline.
Within the Power-to-X market, Eurowind made significant
steps, further advancing our Energy Centre concept
by formally expanding into the biogas sector through
the acquisition of a portfolio of development projects in
Denmark and a German biogas company.
Organisation
The fast pace and growth continued during this year and
we continue to see growth for the coming years. This
year, we have focused on the organisation as we have
scaled up significantly over the last two 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, as
we continue to grow, we need more passionate people.
During the year, we have welcomed 196 new employees.
The high number of new employees brings the Group
total to 442 employees in 2022/23. We are proud to
attract so many new people to the Eurowind family and
we hope and expect to welcome more in the future.
“ Establishing a scalable
organisational framework
suitable for growth is focal.
Operational activities
– strong earnings
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 216 million
(EUR 138 million in 2021/22), which again is the highest
profit ever recorded in Eurowind Energy’s history.
Our proportionated share (net ownership share) of
sale of electricity increased by 51% to EUR 257 million
- compared to last year and this is the highest sale of
electricity recorded within the Group. Contributing to
the high power sale and high result is that Eurowind
grid connected 258 MW during the year, mainly driven
by projects in Denmark, Poland, Sweden and Portugal.
Eurowind grid connected projects in seven countries
within the same financial year and both the number
of countries and MW grid connected are records for
Eurowind.
The main drivers behind the result of operating projects are
• High power prices throughout the financial year
• Record high capacity added during the year
• Average wind index in our core market, Germany, was
lower than normal
Last year, the power prices reached an all time high level
during the second half of 2021 and the first half of 2022.
The high power prices continued to increase during Q3,
peaking in August; from October and the remainder on
the financial year, the power prices in our core market
Denmark, Germany, as well as Poland, stabilised around
EUR 90 per MWh in Denmark and Germany, and to
around EUR 123 per MWh in Poland, in the first half of
2023
The higher power prices was partly offset by lower than
normal wind conditions in our core markets. The overall
wind index for Denmark for the period was 95% and for
Germany, 86%. Denmark was characterised by consistent
winds both in the second half of 2022 and the first half
of 2023. Germany was characterised by low winds in the
second half of 2022 and in line with the average for the
first half of 2023.
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 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 123 operational wind
and solar parks in ten countries with a total capacity
of 1,118 MW. The net increase of 261 MW is primarily
due to organic growth. Eurowind has only made minor
acquisitions and divestments of turbines during the year.
Our total power production reached 2,067 GWh in
2022/23, which is a significant increase compared to
last year with a split between solar and wind of 54 GWh
and 2,013 GWh respectively. The full-year production of
our operational parks are expected to generate GWh
2,676 compared to GWh 1,973 last year, increasing the
expected production by 35%.
We expect to see an increase in the share of solar in our
portfolio, which will also tend to equal out the revenue
stream during the year. Our own total portfolio's actual
production and expected full-year production of 2,067
GWh and 2,676 GWh respectively corresponds to the
consumption of close to 515,000 and 670,000 households.
The banks’ interest in project financing is unchanged,
which ensures the possibility for refinancing as well
as financing of our projects. The current events in
the market in 2022/23 in relation to increased energy
prices and uncertainties due to the war in Ukraine have
increased the inflation and also the interest levels.
Approximately 50% of our operational parks have a fixed
interest rate. The fixed interest rate is lower than last year
due to not all construction facilities at year-end have
been converted to long-term financing.
The Group owns a net total of 1,047 MW wind turbines
and 71 MW solar projects at the end of the financial year.
We now have more than one 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 concerning both countries and technology.
“ Our total production reached
2,067 GWh in 2022/23, 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 optimising the
individual parks across Europe.
The asset management team is continuously working
on creating a strong and efficient system for handling
the operating companies, for the purpose of optimising
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 2022/23
The growth in technical and commercial management
continues. The increase is mainly due to organic growth
within in our portfolio driven by Poland, Denmark and
Germany. Further, four new countries were added to the
portfolio bringing the total up to eleven.
Currently, the Group has 1,970 MW under management.
Our portfolio under asset management will produce
a total of 4,591 GWh, which corresponds to more than
1,140,000 households being supplied with green energy.
The asset management portfolio increased by 22% and
our gross revenue increased by 38% to EUR 12 million.
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
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
OperationalAnalysis andContract
MonitoringReportingManagement
• 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 necessaryproductionsuppliers
on-site works• Matches between• Pushing counterparties
• Processing all technicalmeasured productionto maximum
utility inquiriesand settled/soldperformance
• Outage information toelectricity
traders, utilities and
service providers
• Switching operations
FinancialEnergy Trading
Management(PPA)
• Bookkeeping• Invoicing electricity
• Invoice managementsales
• VAT and duty• Negotiation of PPAs,
managementGOO's and balancing
• Preparation of financialagreements
statements• Auxiliary services
• Budgets and forecasts
Projects in development and construction
During the year, the Group has continued to grow our
project development pipeline activities by 35% to 34 GW.
The pipeline includes projects starting from greenfield,
acquisition of ready-to-build projects and partnering. The
diversity of the pipeline is also strengthened as biogas,
battery and other PtX projects have been added and
we expect the pipeline to included 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 last year and we are in line
with the plan. All five projects will include wind turbines,
solar, batteries, biogas, and PtX (hydrogen production).
We are currently active in 16 countries globally and have
established local offices in almost all countries. 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 for ensuring a significant increase
in MW ownership and the advancement of projects.
The continued 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 construction
will start on some of these project in the coming financial
year. Our distribution in technologies have become
more diversified where wind and solar are still the
dominant technologies, but other technologies have
been added 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 Power-to-X. This has been further accelerated
by the acquisition of Generator Agro, which holds land
and biogas projects.
With a strong and more diversified pipeline and
knowhow, 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 an even busier year compared
to last year as the Group's, construction activity in
2022/23 reached a record high of gross 763 MW in ten
countries and grid connected a record high of gross
305 MW during the year. As the pipeline has become
more diversified so is the construction pipeline. The
construction pipeline includes much more solar projects
compared to previous years and going forward it will
include different PtX projects.
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.
Wind
At the end of 2022/23, Eurowind Energy had ten wind
projects under construction across seven European
countries. In total, the active construction activities
constitute some gross 229 MW of new renewable
capacity expected to be grid connected during 2023
or 2024. The main construction sites are driven by large
projects in Denmark, Poland, Romania and Sweden.
During 2022/23, Eurowind Energy completed the
construction of 24 wind projects across six countries
amounting to gross 283 MW.
Solar
During 2022/23, Eurowind Energy increased our solar
construction projects significantly to gross 534 MW in
six countries. The main construction sites are located in
Bulgaria, the US and Romania.
One solar project of 22 MW was completed during
2022/23 in Portugal.
Grid connections in 2022/23
During 2022/23, we grid connected gross 305 MW of
which 258 MW will be added to our net-owned capacity
spread over seven countries
ProjectMW
Germany40
Denmark78
Finland13
Italy5
Poland104
Portugal22
Sweden43
Total305
We foresee that the high construction activity will
continue in the years to come due to our strong pipeline
being further developed and brought to the 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. This
remains a variable that could influence the construction
timeline on projects 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.
Despite this year being exceptional and record-breaking
in many respects, we continue to maintain focus on
the execution of our strategy, contributing to the green
transition and deliver affordable green energy.

Financial performance
Income statement
Revenue
In 2022/23, revenue increased to EUR 232 million,
corresponding to an increase of EUR 59 million,
compared to last year.
Sale of electricity increased by EUR 65 million and the
total sales of electricity amounted to EUR 213 million in
2022/23 (2021/22: EUR 148 million). The increase during
the year was primarily impacted by high power prices,
but also an increase in renewable energy capacity under
our ownership. The high power prices were partly offset
by the lighter winds and lower than average production
in our core market, Germany.
The revenue from our asset management segment
increased to EUR 5.9 million in 2022/23 (2021/22: EUR
4.7 million). The increase was a mix of an increase in
our renewable capacity jointly owned or below 50%, the
full year effect from parks commissioned last year and
higher revenues in the parks.
The revenue was obtained through our reoccurring
activities; sale of electricity and asset management,
which accounted for 94% of the total sales as no
significant divestment of operating parks were made in
2022/23. 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 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 188 million (2021/22
EUR 127 million) and a gross margin of 81%. Both gross
profit and margin increased significantly compared to
last year due to high power prices and increased owned
capacity. 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 2022/23.
Profit before tax The realised profit before tax is EUR 315 million, which is
more than 2.5 times higher than last year, which was a
very profitable year.
The main components are
• High reoccurring revenue from operational parks
• High profit from Norlys Energy Trading
Our reoccurring revenue was high leading to an increased
profit. Staff costs increased significantly due to increased
activity and ramping up the business. Results from
associated companies increased monumentally, primarily
due to Norlys Energy Trading, which delivered a very
high profit. Further, our jointly owned Polish wind parks
have increased significantly this past year and have also
produced a great result. The depreciation increased due
to the significant increase in our operational capacity.
Net financial expenses were EUR 13 million (2021/22: EUR
7 million), an increase of EUR 6 million. This increase in net
financial expenses is primarily driven by the high interest
rates and our added operational capacity, which have
increased during the year.
Balance sheet
WTG/PV projects
During the year, we increased our WTG/PV projects by
EUR 218 million to EUR 848 million and our assets under
construction by EUR 21 million to EUR 261 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 Danish wind park, Greenlab Skive, our Swedish
wind park, Knöstad, and our Portuguese solar park,
Triana. Additionally, our assets under construction have
developed as anticipated, and we foresee the majority of
these projects becoming operational in the coming year.
Furthermore, we are engaged in multiple construction
projects in which we hold a 50% stake, and these
are expected to contribute value to the Group in the
forthcoming years, especially in Poland and Bulgaria.
Equity investments in associates
Our investments in associated companies have
experienced a substantial increase. This growth can
mainly be attributed to our investment in Norlys Energy
Trading, which achieved exceptionally strong financial
performance during the period.
Equity and capital position
Equity, including minority interests and the hybrid capital,
amounts to EUR 688 million (EUR 417 million in 2021/22). The
increase is the result of a very strong profit within the Group.
The equity ratio of the Group including the hybrid capital
and minority interests, is 40% (37% in 2021/22). The
solvency in the Group, incl. the subordinated loan, is 42%.
Based on the ratios, the Group has a strong position for
the future.
Long-term liabilities
The long-term liabilities amounted to EUR 840 million
(2021/22: EUR 554 million) an increase of EUR 286 million
compared to last year.
The increase is mainly driven by the bank, mortgage debt
and bond payable, which increased to EUR 777 million
(2021/22: EUR 503 million). This is a result of increased
activities both in our operational parks and construction
activity under tangible fixed assets. 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 assets comprise EUR
134 million for the Group (EUR 85 million in 2021/22). The
strong cash flow from operating assets was driven by our
earnings during the year.
Cash flow from investing activities amounts to EUR -282
million due to our high construction activity, as we have
increased our operational and construction capacity.
Cash flow from financing activities amounting to EUR
212 million are affected by our growing activity during
the year, which can be seen in the significant 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.
Description of significant events occurring after end of reporting period
Significant events after the end of the financial year
There have been no events of significant importance to the
Group’s financial position after the end of the financial year.
Description of expected development
Outlook
“ The project development
pipeline has increased
significantly
2022/23 – substantial
growth in revenue and profit
During last year, we adjusted our budget and made a
new forecast due to the new reality of high power prices.
Based the on the following assumptions, we forecasted a
profit of between EUR 400-500 million for 2022/23
• Continuously high power prices
• Finished projects at the end of June 2022 and Q3 2022
will generate profits within the coming year
• Continuously high performance by our affiliate Norlys
Energy Trading
We grid connected several project at the start of 2022/23
as expected, which together with our existing parks,
made a significant impact on our profit for the year.
Further, our affiliate Norlys Energy Trading delivered a
remarkable result due to the high volatility in the market.
The Group realised a profit before tax of EUR 315 million,
which is lower than expected primarily due to two factors
• Power prices decreased at the end of 2022 which
were earlier than forecasted and stabilised for the
remainder of the financial year
• Norlys Energy Trading delivered a very strong result
for 2022, however results in 2023 ended slightly below
forecast as market conditions stabilised
Despite the profit before tax being lower than expected,
it is an all-time high and a record for the Eurowind group
both revenue and profit wise. Compared to the original
budget, we significantly overperformed. The higher sale
of electricity and profit came from all our operations
in Europe due to the high power prices during the year.
Further, our investment in Norlys Energy Trading delivered
a significant result for the year.
Projection and outlook for 2023/24
We expect that our profit before tax will be in the range
of between EUR 60-100 million on a balanced set of
assumptions. Main assumptions are
• 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 will generate profits
within the coming year
• Continously high performance by our affiliate Norlys
Energy Trading, but not to the extent we have seen
during 2022/23
2022/23 was a special year. During the past 18 months
we have seen
• Significant increases in financial market volatility,
impacting power prices and interest rates, which can
impact power sales.
• Regulatory responses to the extreme power prices
in terms of windfall taxes, and the potential revision
of the power market pricing regime impacting the
financial performance.
In 2023/24 we continue our high level of construction
activities, expecting to add 295 MW of renewable assets
to our fleet.
The power prices we have seen in first part of 2023, we
expect to continue. We have included average power
prices, but these are still conservative compared to the
current price levels as it is very difficult to predict and
the market is still very volatile. As a further unpredictable
factor, the price level might be influenced by legislation
and taxation implied by authorities throughout the EU.
Power sales
The Eurowind Energy group also expects to boost our
power sales in the coming years.
Based on current and expected construction forecasts
to increase our capacity, the Group expects to see power
sales rise on all markets.
PtX projects in combination with new or 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. During the
year, we further advanced our Energy Centre concept by
officially entering the biogas market with the acquisition
of a portfolio of development projects in Denmark and a
German biogas company, Greenline.
Norlys Energy Trading continues to increase and broaden
its activities and the opportunities for Eurowind Energy
will also develop, putting us in a position to increase
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.
Project development
The pipeline consists of projects from early development
stage, where we have identified land plots and have
initiated negotiations to ready-to-build projects both
internally developed and externally acquired.
The project development pipeline significantly grew
from 25 GW in 2021/22 to 34 GW this year. The growth
is primarily driven by the Danish, Romanian, Spanish
and American pipeline. The highest growth in the
pipeline last year was Romania and they continued their
growth together with several projects already being in
construction and others soon to enter the 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 upcoming years as our investment in
our project development organisation materialises. This
projection is reinforced by the observation of an ongoing
shift towards larger projects and through entering new
markets. The growth of the development pipeline will also
be supported from the development of more hybrid and
PtX projects.
Date of general meeting: 08-11-2023

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