DTEK Renewables

DTEK Renewables has secured a EUR 370m loan from Danish banks (including Danske Bank), guaranteed by the Danish Growth Fund, to build the second phase of its Tyligul Wind Power Plant by purchasing and installing 64 Vestas turbines, 6 MW each, by the end of 2026. The project will expand Tyligul’s capacity to almost 500 MW from current 114 MW. The project’s total CAPEX is estimated at EUR 450m.

DTEK Renewables posted 1H24 financial results, reporting revenues of $69m (net of financial component), up 25% y-o-y, EBITDA of $57m, up 23% y-o-y, for an EBITDA margin of 83% (+1.3pp y-o-y), and net income of $36m, a significant increase from net income of $5m in 1H23. Net operating cash flow increased by 45% y-o-y to $55m, net investment outflow stood at $52m (vs. an inflow of $39m in 1H23), and net financing cash outflow decreased by 68% y-o-y to $15m.