European Energy reported revenue of €18.6m in the first half of 2018, down 42% from €32.2m in the same period last year.

The renewables developer posted a net profit before tax of €0.9m in the latest period, but this was also lower than 2017 when the figure was €5.5m

European Energy said the results reflected the “continuation of growth in development and construction” of projects, with the majority of divestments expected in the second half of the year.

It agreed a sale of 39MW at the end of the second quarter and has “active sales processes” for a further 250MW.

The company added the results are in line with guidance for the full year.

European Energy chief executive Knud Erik Andersen said the company is satisfied with the half year results.

“The positive momentum in our development and construction activities continued in our key markets as well as new markets. The planned divestment of our solar and wind farms also progressed according to plan.

“We experience high interest among institutional investors for our projects and we expect to announce further sales in the second half of the year. We appreciate the momentum we have built and expect the second half of 2018 to be very busy.”

Meanwhile, European Energy has built a solar test centre in cooperation with Denmark’s Technical University.

The partners said the centre at the university’s Riso campus will give insights into possible next generation PV technology.

Andersen said: “European Energy views this as a prime example of how industry and universities can work together to the mutual benefit of both sides.

“In this project, European Energy gets the opportunity to collect exact data that we can use in our utility scale solar projects all over the world, while the researchers get access to a solar park with the newest hardware in their own backyard.”

The centre will be officially inaugurated on 12 October.