Analysts say EDP Renovaveis to meet target for new wind power capacity in 2010

(ADPnews) - Oct 19, 2010 - Portuguese green energy company EDP Renovaveis (ELI:EDPR) will meet its target for newly installed wind power capacity this year, according to forecasts of analysts.

Last week, the company announced it added 535 MW capacity in the third quarter of 2010, of which 387 MW in the USA, 112 MW in Spain and 18 MW in France. Another 18 MW were installed by the wind power consortium ENEOP - Eolicas de Portugal.

The total installed capacity expanded by 28.5% on the year reaching 6,327 MW in January to September 2010.

Analysts at JPMorgan consider that these data give to EDP Renovaveis 65% possibility to fulfill its target for new capacity of between 1.1 GW and 1.2 GW in 2010.

The bulk of the capacity under construction now is in Europe, sexperts from BPI reminded.

Analyst Didier Laurens from Societe Generale, in turn, underlined that the new installations slowed down due to the difficulties in the US market and the expected smaller capital expenditures (capex) for 2010 and 2011.

The load factor of EDP Renovaveis remained stable at 28% in the first nine months of 2010 but this fact will not have an impact on this year earnings, according to Royal Bank of Scotland (RBS).

The analysts do not expect surprises in the earnings results for January to September to be released on November 3.

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