The Red Pine wind farm in Minnesota. Source: EDF Energies Nouvelles (www.edf-energies-nouvelles.com).
The renewables segment of Electricite de France SA (EPA:EDF) has recorded a 20.6% rise in first-half earnings before interest, tax, depreciation and amortisation (EBITDA) to about EUR 1.11 billion (USD 1.3bn) thanks to wind, solar and hydro generation.
EDF explained a statement that Group Renewables benefitted from a sharp rise in hydropower generation in France, which more than offset lower spot market prices. In addition, wind and solar parks that were commissioned or acquired in 2017 contributed significantly at the end of June 2018.
The first-half sales of Group Renewables also increased by 20% to EUR 2.35 billion. Net investments nearly doubled to EUR 424 million from EUR 224 million.
EDF Energies Nouvelles (EDF EN) registered EUR 360 million in EBITDA for a 22% year-on-year decline in organic terms. EBITDA of generation went up 10.7% organically to EUR 435 million because of a 14.8% rise in output to 7.9 TWh. EDF EN’s sales increased organically by 9.2% to EUR 735 million.
The company had 8.1 GW of installed net capacity at the end of June 2018, which is up 1.4 GW from the end of last year’s first half. The gross portfolio of projects under construction at end-June 2018 amounted to 1.7 GW, comprising 1 GW of solar and about 700 MW of wind.