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Annual Report 2020






Imagine a World Based on 100% Renewable Energy

Do you ever wonder what a world based on a 100% renewable energy looks like? In European Energy, we do. And the good news is that this world is getting closer. In European Energy, we have great optimism when it comes to changing our energy to 100% renewable.

At first, you might think that the world would look pretty much the same. Afterall: Energy is energy, and even though we might feel better knowing that the energy is produced in a renewable way, it is the same light in our lamps, power in our phones, electricity driving our cars or heating our homes.

But a world based on 100% renewable energy will look different.


The phasing out of fossil fuels in power plants and vehicles will reduce air pollution dramatically across the world. Cleaner air improves public health for real people and brings down healthcare costs.


A world based on renewable energy is also a world less dependent on outside energy supply. Today, the much-needed imports of oil, gas and coal play central roles in many conflicts around the world. When renewable energy becomes mainstream, all countries will own their own energy extraction to the benefit of more stability and peace.


The number one threat to biodiversity is the rise of global mean temperatures. Breaking the curve of global warming is tantamount to the saving of species in the sea, on land and in the air. The world will be a richer and more diverse place to live across all species.

We embrace this world, and our growth and success fill us with a lot of hope for the very needed green transition of our energy. We have started to envisage this new world together with politicians, experts and thought leaders from China in East to USA in West.

So, what are we waiting for? Well actually we are underway. We have seen the future, and we like what we see. And we invite everybody to join us in the common journey towards a world based on 100% renewable energy.

Knud Erik Andersen, Founder and CEO
Jens-Peter Zink, Chairman of the Board


Highlights from European Energy

2020 is the year that demonstrated the strenght in our business model. We are expanding – not only in key numbers but also in possibilities. That makes our business less vulnerable to sudden changes in our industry or even in case of an unexpected crisis, like a global pandemic.



in 2020


since 2018

Historical high level in 2020 and result better than outlook for 2020. EBITDA has almost doubled since 2018.

Outlook 2021




profit before tax

Growth in EBITDA continues with same pace as the last year. The same growth is expected in profit before tax.

Electricity Sale


in 2020


since 2018

Electricity sale represents now 22% of revenue. Today, European Energy is a developer and an independent power producer.



in 2020

EURO 75 mill.

in hybrid bond

With the inflow from a hybrid bond, equity is historically high, which will enable European Energy to increase the amount of constructed energy farms.


A Green Boom Ahead

We believe that we are facing a boom in the development of green energy. Politicians present huge green ambitions across continents, green investments have never been higher, and we have the skills and will to meet ambitions and demand.
Actually, we plan to be a global major.




Other Highlights

In 2020, we have made our biggest investment in the development of new projects to date. Therefore, we enter a new year with more than 600 MW under construction and expect to finish the construction of more than 750 MW in 2021

Total Gross Profit


in 2020


in power sale profit up since 2018

Gross profit has increased for all segments in the business. Gross Margin up from 24% in 2019 to 36% in 2020.



under construction


ready to build

In 2020, the number of MW under construction increased from 218 in 2019 to 613 in 2020. Also, the number of MW ready to be built increased from 606 in 2019 to 814 in 2020.

Asset Management


in 2020


since 2018

In 2020, assets under management increased to 1,336 MW due to new service contracts for solar and wind assets.

Revenue Power Plant Sale


in 2020


since 2018

The decrease in revenue in power plant sale in 2020 must be seen in the light of the increase in sale of power.

Power Production

251 MW

connected 2020


green power to European households

We added 251 MW of green power to the 1,661 MW that has been connected by the Company since 2004.


Main Events in 2020

2020 emphasized that we truly are a European company with the opening of 6 new offices. And with the local approval of Northern Europe’s biggest solar plant in Denmark we mark that large-scale plant is the future.

Large Scale Solar Farms

103 MW

solar farm opened in Troia, Italy

300 MW

solar farm in Kassø, Denmark achieved permit



new employees


persons employed by the end of the year

Total net increase in new head counts was 55.

Power Purchase Agreements

7 PPA’s


3,7 TWh

electricity sold via PPA’s



new offices opened in 2020

European Energy opened offices in Hamburg, Germany, Glasgow, United Kingdom, Milan, Italy, Barcelona, Spain, Sao Paolo, Brazil and Vilnius, Lithuania.



ownership in the Danish e-methanol company, REintegrate

The groups first in the storage space where Power-to-X, batteries, heat pumps and other technology will increase the demand for green energy.

The European Energy Growth Story

It all began in 2004 when CEO Knud Erik Andersen and Head of Construction Mikael D. Pedersen joined forces in the first wind project. Shortly after Executive Vice President Jens Peter Zink joined the company. In 2008 European Energy developed the first solar project. In 2021 European Energy will reach a new milestone crossing the line of 2 GW renewable energy capacity developed or purchased since 2004.

Energy in the

Read the full annual report 2020


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European Energy has a designated Sustainability Engagement Team which includes employees from all corners of the company. Read the first report from the team.

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