EDF Renewables' revenues grow 10% in Q1

The Red Pine wind farm in Minnesota. Source: EDF Energies Nouvelles (www.edf-energies-nouvelles.com).

May 15 (Renewables Now) - EDF Renewables, the renewables arm of French utility EDF SA (EPA:EDF), posted a 10% year-on-year increase in first-quarter sales, helped by favourable price effects and wind conditions.

The company’s revenues in the three months totalled EUR 417 million (USD 467.3m), up from EUR 379 million a year before. In organic terms, revenues went up by 2.9%. This growth was achieved regardless of the fact that power generation slipped by 0.1 TWh to 4 TWh after some asset disposals were made, EDF said on Tuesday.

At the end of March, EDF Renewables owned assets with a net installed capacity of 8.3 GW, which it said was “broadly stable” as compared to end-2018. Additionally, it had 3.5 GW of projects under construction, of which 1.4 GW solar.

During the first quarter, EDF Renewables took over solar park operator Luxel, which is the owner of a 1-GWp portfolio of projects either in operation, ready to begin construction or in development. It also won a 60-MWp solar project in a Greek auction for renewables capacity and brought online a 100-MW wind farm in Minnesota. The company also enhanced its operations in China by agreeing to buy into a couple of Chinese offshore wind projects with a combined capacity of 500 MW and acquiring a majority stake in a 77.1-MWp portfolio of rooftop solar plants in China from its joint venture (JV) partner Asia Clean Capital (ACC).

(EUR 1.0 = USD 1.121)

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