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Φώτο: ΤΕΡΝΑ Ενεργειακή

Terna Energy unveils ambitious 2029 plans

Terna Energy unveiled plans leading up to 2029 to analysts as it presented its first half earnings. The company announced that by 2029 installed capacity will rise to 6.4GW. The total cost of the investment program is estimated at 5.9 billion euros.

The company announced that by 2029 installed capacity will rise to 6.4GW from 895MW in 2021. Revenues from 405 million euros will reach 1.25 billion euros, EBITDA from 162 million euros. euros will reach 700 million euros and the number of employees from 508 people will approach 800.

There will be a pause in 2025 when the capacity will rise to 3.3GW - 710MW will come from hydroelectric projects, 820MW from photovoltaics and 1,630MW from wind. Today 1.23GW are under construction. In Kafirea a 330MW wind farm with partial operation at the beginning of 2023, 182MW photovoltaics which will be put into operation at the end of 2023 and 680MW of the pumped storage unit in Amfilochia which will operate in 2026.

The total cost of the investment program is estimated at 5.9 billion euros. Terna Energy's group borrowings currently amount to 1.067 billion euros and the group's cash reserves (excluding restricted deposits) were maintained at 394.5 million euros, resulting in net borrowings of 611 million euros. The ratio of net debt to EBITDA for the last 12 months is 3.4.

It is noted that the net operating flows in the first half of the year amounted to 69 million euros. 69% of the loans have a fixed interest rate (average cost of borrowing 3.1%) and 31% floating. The group's revenues amounted to 276.7 million euros in the first half of 2022 from 139.6 million euros in the first half of 2021, adjusted ebitda profit stood at €95.7 million from €68 million and adjusted net profit at €44.5 million from €28.8 million last year.

During the analysts briefing, no mention was made of the negotiations taking place for the sale of Terna Energy. The company is in negotiations with Igneo (formerly First Sentier Investors) one of the largest direct infrastructure investors in the world, which has made 60 acquisitions since 1994. It holds assets worth $14.8 billion and is seeking through its subsidiary, FS Ark, together with GEK TERNA the Attica Road concession.

There is no agreement but discussions are believed to be at an advanced stage. Also, sources close to the company state that if the agreement is finalized, it will cover the interests of the minority shareholders, indicating that a public proposal will be submitted.

The role of RES especially now with the high gas prices has been upgraded. In addition to the cheaper energy they produce and the green environmental footprint, these forms of energy offer fixed prices and lock in returns for investors.

It is recalled that today the main shareholders of the company are GEK TERNA with 37.3%, Giorgos Peristeris with 11% and Vangelis Marinakis with 6%. Cumulatively, all three control 54.3% of Terna Energy.

In comparison with estimated EBITDA earnings of €182 million for 2022 and a current market value of €1.9 billion, the company trades at 10 times EBITDA. Given that the most recent large renewable energy deal between Motor Oil and Ellaktor for Wind was valued at 12.5 times EBITDA and corresponding overseas acquisitions in the sector have been made at 14 times EBITDA, expectations have been high on the price that may be eventually reached

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