Poland's Polenergia boosts wind, solar revenue in 2022

Polish private energy company Polenergia SA (WSE:PEP) increased its onshore wind revenues by 58% to PLN 404 million (USD 94m/EUR 86.5m) and boosted five-fold its photovolatic (PV) sales to PLN 16.1 million in 2022 thanks to new capacities, the company said in its annual consolidated report.

"Last year, we built or started construction of eight wind and photovoltaic projects. Their total capacity is 278 MW. This means doubling the Group's generation capacity compared with the installed capacity at the end of 2021," CEO Michal Michalski said in a press release.

Earnings before interest, tax, depreciation and amortisation (EBITDA) in the wind segment surged 69% to PLN 343 million. This was mainly due to the construction of the 121-MW Debsk and the 27-MW Kostomloty wind farms and the full-year operation of the 38-MW Szymankowo, as well as higher selling prices of electricity and green certificates, the company added.

The group's solar EBITDA jumped eight-fold to PLN 12.6 million after putting into operation the 11.7-MW Sulechow II, 9.8-MW Sulechow III and 6.4-MW Buk I plants. Performance was also aided by the better results of the 8-MW Sulechow I and the favourable weather conditions throughout the year.

In the offshore segment, Polenergia is preparing jointly with Norwegian peer Equinor for the construction of three wind farms, Baltyk I, Baltyk II and Baltyk III, in the Baltic Sea with a total capacity of up to 3,000 MW.

Overall, the Polenergia Group recorded a 77% rise in sales revenue to PLN 7.1 billion in 2022 despite a very difficult year. The improvement was mainly due to higher revenues in the trading and sales segment, onshore wind farms and distribution.

(PLN 10 = USD 2.32/EUR 2.14)

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