Today, Better Energy published its annual report for 2023, delivering solid progress and strong business milestones in a year of investment and strategic execution.
The company increased renewable energy production, grew its portfolios of renewable energy parks and included several parks in its three joint venture partnerships. In 2024, Better Energy expects an increase in business activities, reflected in its financial guidance this year.
Business highlights
Better Energy increased renewable energy production from its solar parks to 941 GWh, up from 463 GWh in 2022. Its electricity settlement rose to DKK 455 million. These numbers include renewable energy parks owned by Better Energy and parks in joint venture partnerships. In its co-owned joint ventures, the Better Energy pro rata share for 2023 was 479 GWh.
During the year, Better Energy signed 12 Power Purchase Agreements (PPAs) with eight companies, including ATEA, COWI, Statkraft and Vestre. Better Energy now has PPAs with 39 companies in Denmark, Poland and Sweden for a total contracted offtake of 9,465 GWh over the next decade.
Portfolio highlights
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 a Better Energy ownership stake of 51%. Its construction portfolio, which includes its first energy storage project, grew to 1,729 MWp with a Better Energy ownership stake of 72%. The company’s development portfolio, which it owns 100%, rose to 14,543 MWp and includes energy storage and hybrid energy parks with solar and wind power generation. Better Energy invested DKK 955 million in its development portfolio in 2023.
Joint Venture highlights
At the end of 2023, Better Energy had included 34 projects in three joint ventures.
In Impact I, the company’s first joint venture with Danish pension fund Industriens Pension, the final project was grid-connected in 2023. The joint venture now holds 21 solar parks with a production capacity of around 1 GWp across Denmark and Poland.
Impact II is the company’s second joint venture with Industriens Pension, with an anticipated accumulated production capacity of around 1 GWp. Nine projects were included by the end of 2023 for an expected production capacity of 589 MWp across Denmark, Poland and Sweden.
Also, in 2023, Better Energy established a joint venture with Danish energy company, Andel with an anticipated accumulated production capacity of around 2 GWp. During the year, it included four projects with an expected production capacity of 743 MWp. The two companies expect to establish up to 15 energy parks in Denmark between 2024 and 2028.
At the end of 2023, Better Energy had included 34 projects across partnerships with a total enterprise value of DKK 12.9 billion.
Sustainability highlights
In addition to renewable energy production, community engagement and making space for nature are integral to Better Energy’s purpose and business model. The company engages local communities and authorities to identify opportunities for multifunctional land use, nature restoration and recreational areas.
To deliver local value creation, Better Energy started construction of a pedestrian tunnel at Viuf & Håstrup Solar Park and is planning 4.5 km of cycle paths to ensure safe school passage at Andst & Horskær Solar Park. At the end of 2023, Better Energy had 50 hectares of dedicated nature and recreational space under management, with 126 hectares in its construction portfolio and 402 hectares in planning across five projects in Denmark.
Financial highlights and guidance
In 2023, Better Energy achieved a revenue of DKK 2,501 million, down from DKK 2,864 million, EBITDA of DKK 726 million, up from DKK 410 million and profit before tax for the year of DKK 179 million. Thereby, the company delivered on the lower end of its guidance for 2023, predicting revenue of DKK 2.5 – 3 billion and profit before tax of DKK 150 – 250 million.
In 2024, Better Energy anticipates an increase in activity level with an expected revenue range of DKK 4,000 – 4,600 million, EBITDA in the range of DKK 850-1,000 million and profit before tax reaching DKK 150 – 225 million. The financial assumptions exclude new joint ventures.
People and markets
In 2023, Better Energy invested in organisational growth and nearly doubled the number of employees to more than 450 people in its markets in Denmark, Poland, Sweden and Finland. The company opened new offices in Denmark, Poland and Finland, while expanding its existing facilities across all markets.
Rasmus Lildholdt Kjær, Chief Executive Officer of Better Energy, says:
“Our purpose-driven and sound business model is fundamental to our success. Through it, we can create strong partnerships with municipalities, grid operators, energy offtakers and investors who – all in their very own way – contribute directly to accelerating the green energy transition.”
“In 2023, we grew our team by 191 people and almost doubled our organisation. They have become part of our excellent group of professionals, working across our entire value chain. Each employee brings their unique talents while working together as a team. That, above all else, puts us in a great position for success in the coming years.”
Mark Augustenborg Ødum, Chief Financial Officer of Better Energy, says:
“In 2023, we have put large amounts of green energy into the electricity grids on commercially attractive terms. This is paramount to continue our momentum, as evidenced by almost tripling our construction portfolio in 2023 compared to 2022.”
”While we are producing more and more renewable energy, 2023 also solidifies, that our renewable energy parks are attractive joint investment opportunities for co-ownership for like-minded partners through our joint venture partnerships.“
Download Better Energy's 2023 annual report.
Media Inquiries
Lucas Benjamin Schmidt | Better Energy | Senior Communications Specialist | +45 71 40 83 36 | lbs@betterenergy.dk
About Better Energy
Better Energy is a fully integrated renewable energy company that builds additional green energy capacity. We develop, build, own and operate large-scale renewable energy parks with an integrated focus on local and regional value creation and a strong commitment to nature. The clean electricity we sell is more affordable than coal, oil, and gas, and we are one of the fastest growing providers of solar energy in Northern Europe with upcoming renewable energy capacity of more than 16,300 MWp.
