EDP Renewables net profit increases to 467 million euros in the first nine months of 2023
Madrid, Oct. 31, 2023 (GLOBE NEWSWIRE) --
Recurring net profit in the first nine months of 2023 increased 12% compared to the same period in 2022, and investment amounted to €3.4bn, with a focus on Europe and North America.
EDPR added more than 600 MW in solar capacity since the beginning of the year and has 5.2 GW in wind and solar capacity under construction, which will significantly contribute to the energy transition of the regions the company operates in.
EDP Renewables registered a net profit of 467 million euros until September, up to 12% year-on-year in recurring terms. The company’s recurrent EBITDA reached €1,437 million, a 3% decrease interannually, with overall performance improving in Europe, South America, and APAC and lower contributions from North America.
EDPR’s performance benefited from the increase in production due to higher average MWs in operation as well as from the asset rotation gains from two deals closed in Spain and Poland but was negatively impacted by the non-recurring impact of an environmental phenomenon that lowered wind production in the US (El Niño), and non-recurring regulatory clawbacks in Europe.
In the first nine months of 2023, EDPR’s gross investment reached close to 3.4 billion euros, with over 80% of its CAPEX invested in Europe and North America. This data mirrors EDPR’s growth – the company increased its installed capacity by more than 0.8 GW year on year, reaching a diversified portfolio of 15.1 GW worldwide. Net debt increased by 1.1 billion euros compared with the end of 2022 due to the investments made to accelerate the energy transition in all the regions where the company operates, partially offset by the capital increase proceeds.
Following EDPR’s asset rotation strategy, two operations were concluded in Spain and Poland during this period. Similar transactions have already been signed in Brazil and the UK, the latest through EDPR’s 50% participation in Ocean Winds. These asset rotation deals allow the company to accelerate value creation while recycling capital to reinvest in additional renewable growth.
EDP Renewables is actively working to decarbonize the economy by accelerating its renewable deployment and technological mix. In this period, the company installed 669 MW in solar projects, a technology rapidly growing within EDPR’s strategy. The company kept developing wind projects – with 162 MW installed – and put in operation its first 16 MW in storage, another technology that will be critical to meeting global decarbonization targets.
During this period, EDPR achieved a total of 5.2 GW under construction. The company’s strong PPA activity with corporate companies and utilities allowed it to have already secured around 55% of the additions aimed until 2026.
CONTACT: Tom Weirich EDP Renewables 281-825-2771 thomas.weirich@edp.com
