Income Tax

6 Months Ended

Jun. 30, 2024

Note 21. - Income Tax

The effective tax rate for the periods presented has been established based on management’s best estimates, taking into account the tax treatment of permanent differences and tax credits.

For the six-month period ended June 30, 2024, income tax amounted to a $3,942 thousand loss with respect to a profit before income tax of $26,215 thousand. In the six-month period ended June 30, 2023, income tax amounted to a $2,168 thousand income with respect to a profit before income tax of $28,623 thousand.

The effective tax rate differs from the nominal tax rate mainly due to:

permanent tax differences and unrecognized net operating loss carryforwards (“NOLs”) in some jurisdictions.

the recognition of existing NOLs in the UK, which accounts for a $14.0 million deferred tax income in the six-month period ended June 30, 2024 further to the acquisition of UK Wind 1 and UK Wind 2 (Note 1), as the Company considers probable to utilize these NOLs against future taxable profits to be generated by these assets in the upcoming years.