EDP Brasil's 2021 net profit up 43% y/y

EDPR solar photovoltaic plant

February 18 (Renewables Now) - EDP Energias do Brasil SA (BVMF:ENBR3) booked a net profit of BRL 2.2 billion (USD 428m/EUR 376m) in 2021, a year-on-year increase of 43%.

The local arm of Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said on Thursday the result reflects the success of its 2021-2025 strategy, as part of which the company is focusing on the transmission, distribution and solar power segments.

EDP Brasil saw its earnings before interest, tax, depreciation and amortisation (EBITDA) go up 28% to BRL 4.3 billion.

The projects the company is working on include its first large-scale solar scheme -- the 209-MW Monte Verde photovoltaic (PV) park it will build with EDP Renovaveis SA (ELI:EDPR) in the Brazilian state of Rio Grande do Norte. It has a 15-year power purchase agreement (PPA) with an unnamed off-taker.

(BRL 1.0 = USD 0.194/EUR 0.171)

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