Houston, Texas, Oct. 26, 2022 (GLOBE NEWSWIRE) -- 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 its international presence across 28 different national markets via acquisitions such as that of Sunseap. Additionally, EPPR has been able to carry on generating value via its asset rotation program, 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 has, 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 is 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 was 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 is as committed as it has ever been to its Business Plan as well as leading the energy transition in those markets where they maintain a presence.
About EDP Renewables North America (EDPR NA)
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 58 wind farms, nine solar parks, and eight regional offices across North America, EDPR NA has developed more than 8,800 megawatts (MW) and operates more than 8,200 MW of onshore utility-scale renewable energy projects. With more than 950 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent.
For more information, visit www.edpr.com/north-america.
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-centered 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 decarbonization. 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.
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