Better Energy, which makes its living developing solar parks, achieved revenue of 2,501 million DKK in 2023, which is a decline of over 300 million DKK compared to 2022, when revenue was 2,864 million DKK.
On the other hand, the company can be pleased to see progress in both operations and the bottom line. The focus has been on operating profit (EBITDA), where the profit grew to 726 million DKK compared to 410 million DKK in 2022. The profit before tax was 179 million DKK.
Therefore, the company delivered at the low end of expectations for 2023 on both revenue, which was in the range of 2.5-3 billion DKK, and profit before tax, which was in the range of 150 - 250 million DKK. DKK. Overall, Better Energy is nevertheless satisfied with the financial statements. The company states this in a press release.
- Our purpose-driven and healthy business model is fundamental to our success. Through it, we can create strong partnerships with municipalities, grid operators, energy customers and investors, who – each in their own way – contribute directly to accelerating the green transition, says Rasmus Lildholdt Kjær, CEO of Better Energy.
Growth in production and staff
Better Energy can also note that in 2023 it managed to increase the production of renewable energy from its solar parks to 941 GWh, an increase from 463 GWh in 2022. The settlement of electricity sales increased to 455 million. DKK.
Both figures include solar parks owned by Better Energy, as well as parks in joint venture partnerships. In joint ventures, Better Energy's pro rata share was 479 GWh in 2023.
Following the grid connection of five solar parks during the year, Better Energy's operational portfolio of solar parks grew to 1,126 MWp with an ownership interest of 51%. The construction portfolio, which includes the first energy storage project, grew to 1,729 MWp with a Better Energy ownership interest of 72%.
The company's development portfolio, which it owns 100%, increased to 14,543 MWp and includes energy storage and hybrid energy parks with solar and wind production. Better Energy invested DKK 955 million in its development portfolio in 2023.
Better Energy has also entered into a number of new joint ventures during the year, including two with Industriens Pension and one with energy company Andel. With the latter, Better Energy is expected to establish up to 15 renewable energy parks in Denmark between 2024 and 2028.
By the end of 2023, Better Energy had included 34 projects across partnerships with a total enterprise value of DKK 12.9 billion.
The many activities have also meant that Better Energy has had to scale up on the employee front. In 2023, Better Energy thus invested in organizational growth and nearly doubled the number of employees to more than 450 people in its markets in Denmark, Poland, Sweden and Finland.
- In 2023, we grew our organization by 191 people. Skilled people who have become part of our excellent group of professionals working across our entire value chain. Each employee brings their unique talents to the table while working together as a team. And that, above all else, positions us strongly for success in the coming years, says Rasmus Lildholdt Kjær.
Expecting growth
The investment the company naturally expects will translate into growth. Better Energy thus expects to make a good contribution to, among other things, revenue and EBITDA in 2024.
The company expects to achieve within an interval of 4,000-4,600 million DKK in revenue and 850 – 1,000 million DKK in EBITDA.
The profit is expected to reach between 150-225 million DKK. The financial assumptions do not include new joint ventures.
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