During the first nine months of 2020, Ignitis Group, a utility and renewable energy company in the Baltic region, demonstrated resilient financial performance and further expanded its’ Green Generation capacity.
Adjusted EBITDA increase by 6.1% was driven by RAB growth in the Networks segment, efficient use of Kruonis PSHP, better results of main units of Flexible generation segment and expansion to Finnish gas market.
During this period, the Group’s total green generation portfolio increased by 170 MW due to the acquisition of Polish solar PV portfolio.
Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group said: “We made good progress in implementing the long term strategic targets for Ignitis Group. In particular, we continued to build on our leadership position in our home market and drove further expansion in our Green Generation capacity. So far this year we have made substantial progress and will continue to work hard to ensure Ignitis Group remains at the forefront of the energy transition in the Baltic region”.
Group’s adjusted earnings before the interest, taxes, depreciation, and amortisation (adjusted EBITDA) amounted to €199.3 million ($236.5 million), a 6.1% increase compared to the same period last year.
The result benefited from growth in the Networks segment, efficient use of Kruonis PSHP, and better results at the main units of Flexible generation segment and expansion into Finnish gas market.
Adjusted net profit from €74.5 million ($88.4 million) during the first nine months period in 2019 increased by 8.1%, reaching €80.6 million ($95.5 million). The main reason for this was the increase of adjusted EBITDA. Adjusted return on equity (last 12 months) was 8.4%.
The green generation operational capacity of Ignitis Grupė increased by 24 MW due to Kaunas CHP Plant commencing commercial operations in August 2020.
Total Green Generation portfolio of the Group increased by 170MW due to signed acquisition agreement for the Polish solar PV development portfolio.
Green Generation portfolio was also diversified by signing a framework agreement with Ocean Winds for the development of offshore wind farm projects in Lithuania (700 MW) and Scotland (800-950 MW).