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EDPR Increases its Gross Investment in Renewable Energy to More Than 4 Billion Euros

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EDP Renewables, 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.

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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.

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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.

Miguel Stilwell d’Andrade, CEO of EDP said, “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”.

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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.

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.

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