EDPR increases its gross investment in renewable energy to over 4 billion euros

EBITDA increased to 1.482 billion euros over the first nine months of 2022

The company’s installed capacity increased to 14.3 GW (10% interannual gain)

EDPR has already managed to hit 40% of the 20 GW target set for its installed capacity for 2021-2025 via its assets in operations and under construction

EDP Renewables (Euronext: EDPR), the world’s fourth largest producer of wind and solar energy, has reported its end of third quarter results, carrying on showing solid growth owing to its larger installed capacity, greater strengthening of renewable resources and average sales price recovery. The result of all of this is an EBITDA of 1.482 billion euros and a net profit of 416 million euros.

EDPR is well and truly on target with its ambitious growth plan owing to its record 4 GW renewable energy capacity under construction in 15 markets around the world, likewise, providing the company with broader technological diversification. In parallel to all of this, gross investments in the amount of 4.4 billion euros have enabled EDPR to increase their international presence across 28 different national markets via acquisitions such as that of Sunseap. Additionally, EPPR have been able to carry on generating value via their asset rotation programme, closing three transactions in Spain, Poland and Italy which have contributed to the creation of 264 million in profit.

Operating results are also posting growth due to the increased installed capacity and strengthening of renewable energy products. This installed capacity of up to 14.3 GW has led to stable operating performances. Of note EDPR have, as of the date of this press release, managed to hit 10.8 GW of the additional 20 GW goal set for the 2021-2025 period (so 55% achieved), with over 40% of this goal either already installed or under construction. Furthermore, the company carried out its asset rotation ahead of schedule, with 3.4 billion euros of the 8-billion-euro income goal already achieved via agreements generating twice the per MW value compared to what was set out in the Business Plan.

In the words of Miguel Stilwell d’Andrade, CEO of EDP: “EDPR are in a very strong position to deal with all the challenges presented by the energy transition, and we have already achieved 55% of the renewables capacity we set out to develop for the 2021 to 2025 horizon. During the first nine months of this year and even given the bumpy business context the energy sector finds itself in we were able to invest over 4 billion euros in renewable energy projects”.

Financial results

For the first nine months of 2022 EDPR’s EBITDA increased to 1.482 billion euros (a 62% interannual gain) due to solid business line results underpinned by a 10% gain in installed capacity and a 14% gain in renewable energy generation.

Elsewhere on the balance sheet operating income increased to 331 million euros (a 129 million interannual gain) which were mainly derived from asset rotation transactions closed in Poland, Spain, and Italy.

Lastly net profit increased to 416 million euros (a 181% interannual gain) which was partially offset by higher net financial costs, which went up in the amount of 296 million euros (up 58% interannually) due to increased debt, the foreign exchange rate, and the cost of debt.

EDPR are as committed as they have ever been to their Business Plan as well as leading the energy transition in those markets, they maintain a presence in.

About EDP Renewables (EDPR)

EDP Renewables (Euronext: EDPR) is the world’s fourth largest renewable energy producer and is present in 28 markets throughout Europe, North and South America and Asia Pacific. Based in Madrid and with regional head offices in Houston, São Paulo and Singapore EDPR holds a robust development portfolio with first-class assets and market-leading operating capacity in terms of renewable energy. This includes onshore wind energy, large-scale and distributed solar energy, offshore wind energy (via a 50/50 joint venture with OW) and renewable energy-adjacent technologies such as batteries and green hydrogen.

EDPR’s employee-centred policies have seen them named a 2022 Top Workplace in the United States and a 2022 Top Employer in Europe (Spain, Italy, France, Romania, Portugal and Poland) and Brazil, as well as being listed in the Bloomberg Gender-Equality Index.

EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with its focus on decarbonisation. In addition to its solid standing with the renewable energy sector (via EDPR and its hydroelectric operations) EDP also maintains a support network for public services in Portugal, Spain and Brazil made up of electricity networks, customer solutions and energy management services.