TERNA ENERGY has announced its audited financial results for the fiscal year 2024, reporting significant growth across its renewable energy portfolio and financial performance.
The companyโs total renewable energy generation across its assets in Greece and abroad surged by 24.7% year-on-year (y-o-y), reaching 3.2 TWh. This growth was primarily attributed to the increased effective installed capacity following the gradual commissioning of the Kafireas wind park (327 MW), which was completed toward the end of 2023. As a result, TERNA ENERGYโs total installed capacity stood at 1,224 MW by the end of 2024.
The load factor for the entire portfolio improved to 30.8%, compared to 28.6% in 2023, with Greece-specific performance rising to 31.3% from 28.8% the previous year. This increase was driven by favorable wind conditions and the high-performance load factors of Kafireas. Excluding the Kafireas project, energy production from existing assets recorded a 4.5% increase.
Financial Performance
TERNA ENERGY reported a 37.6% y-o-y increase in revenues from continuing operations, reaching โฌ347.1 million for 2024. This was fueled by revenues from renewable energy sales, which stood at โฌ308.3 millionโa 23.3% y-o-y increase. Additionally, the Construction segment (EPC for PV projects) revenues rose significantly to โฌ38.8 million, compared to โฌ2.3 million in 2023.
The companyโs adjusted EBITDA from continuing operations climbed by 22.6% y-o-y to โฌ212.6 million, up from โฌ173.4 million in the previous year. The Energy segment adj. EBITDA alone reached โฌ204.2 million, reflecting an 18.7% y-o-y growth.
Net financial expenses from continuing operations increased to โฌ62.9 million, compared to โฌ50.2 million in 2023, primarily due to the higher debt levels required for new investments. Meanwhile, profits before tax from continuing operations rose by 26.1% y-o-y to โฌ93.7 million, up from โฌ74.3 million in the previous year. Net profit from continued operations grew 23.5% y-o-y to โฌ70.5 million, compared to โฌ57.1 million in 2023.
As of December 31, 2024, TERNA ENERGYโs net debt position stood at โฌ795.6 million, marking an improvement from โฌ844.6 million at the end of 2023.
Expansion and Sustainability Efforts
TERNA ENERGY continues to expand its renewable energy portfolio, with 67 MW of photovoltaic (PV) projects under construction in Greece. Additionally, the company is gradually commencing construction on 500 MW of new projectsโprimarily PV but also wind and energy storage projectsโacross Greece and abroad. These projects, representing a total investment of approximately โฌ370 million, are expected to start operations by the end of 2025.
The construction of the Amfilochia hydro-pump storage project (670 MW) is progressing as planned. The company also remains active in developing new projects and exploring secondary market acquisitions, aiming to achieve a total installed capacity of 6.0 GW by 2030.
Sustainability Achievements
In 2024, TERNA ENERGY reinforced its commitment to sustainability and environmental responsibility, positioning itself as one of Greeceโs leading renewable energy producers. By generating 3,248,360 MWh of clean energy, the company prevented the release of 1,318,572 tonnes of COโ equivalent into the atmosphere. Notably, all of the Groupโs facilities, both in Greece and abroad, operated on 100% green electricity.
TERNA ENERGY also demonstrated strong compliance with EU Taxonomy provisions, with:
- 88.8% of turnover,
- 84.9% of capital expenditures, and
- 99.5% of operational expenditures aligning with EU sustainability standards.
These milestones underscore the companyโs leadership in renewable energy innovation and its role in driving the transition toward a greener economy.
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