Frontier Energy (ASX:FHE) said that an independent expert increased the average revenue forecast for stage one of its Waroona renewable energy project in Western Australia to AU$72.5 million per year over the first five years of operations, according to a Tuesday filing with the Australian bourse.

Revenue is expected to climb almost 12% compared with a 2024 definite feasibility study showing revenue of AU$65 million over the first five years of operations, the filing said.

Average earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to be AU$61.4 million per year, compared with AU$57 million in the 2024 feasibility study, the filing added.

The projections support the project's ability to maximize debt financing, the company said.