EDP Renewables recurring net profit increased 2% in 2022

EDPR invested over five billion euros in 2022 to accelerate the energy transition, almost doubling gross investment year-on-year. Renewable generation growth and asset rotations completed contributed to recurring net profits of €671 million.

EDP Renewables (EDPR), the fourth largest producer of wind and solar energy globally, ended 2022 with a 2% growth in its net profit to €671 million.

EDPR’s renewable production increase of 10% and the asset rotation strategy supported these results, despite higher financial and operational costs compared to 2021, with greater pressure on the cost of debt and higher expenses with suppliers and services. The sale of five renewable portfolios – in Spain, Poland, Italy, Brazil, and the US – generated gains of €424 million.

EDPR’s EBITDA increased 23% to €2.157 million (+40% excluding asset rotations), with important contributions from the European market (+ 51% YoY), Brazil (+31% YoY) and North America (14% YoY). Revenues grew to €2.4bn (+35% YoY), with 99.5% of the amount aligned with EU taxonomy, the European classification system for sustainable activities.

2022 was the year in which EDPR decisively expanded its global footprint with the integration of Sunseap and its assets in eight Asia Pacific markets. EDPR also increased its presence in Europe with the acquisition of the solar energy company Kronos and continued to develop key projects in its multiple geographies.

The company almost doubled its gross investment to €5.1 billion, with an additional 2.1 GW of renewable capacity by 2022 and 4.0 GW under construction, more than doubling the levels by the end of the previous year.

EDP Renewables’ debt has increased to 4.9 billion euros by the end of 2022, following the growth in investment in renewable projects that will contribute to accelerate energy transition in the four regions where the company operates – North America, South America Asia Pacific, and Europe. Nevertheless, compared with the position recorded in September 2022 the debt has reduced by €0.6 billion.

Regarding the 2022 dividend, EDPR will propose to its shareholders a flexible program – Scrip Dividend – that will raise EDPR’s payout ratio, providing shareholders a more attractive and competitive remuneration. This proposal will be discussed on the General Shareholders Meeting.