EDPR reports all-around growth in 9-mo 2019

EDP Renovaveis SA (ELI:EDPR) delivered EUR 342 million (USD 381.5m) in net profits in the first nine months of 2019, recording a 197% year-on-year jump.

The renewables arm of Portuguese utility EDP (ELI:EDP) said Wednesday the revenue growth and increased efficiency led to earnings before interest, taxes, depreciation and amortisation (EBITDA) rising by 40% to EUR 1.22 billion. Earnings before interest and taxes (EBIT) went up by 66% to EUR 784 million underpinned by lower depreciation and amortisation costs.

Revenues climbed 10% to EUR 1.36 billion due to a higher average EBITDA/MW ratio, higher average selling prices and a EUR-34-million boost from favourable foreign exchange rates.

Between January and September, EDPR generated 21.9 TWh of clean power, up 6% on the year, thanks to new capacity additions and strong wind resources which compensated for the divested 997-MW portfolio of European assets.

The company closed September with 10.8 GW of operating assets, of which 10.4 GW were fully consolidated, with the remaining 411 MW being equity stakes in Spain and the US.

So far this year, EDPR has built 344 MW of new capacity across Europe and the US and commenced the repowering of 24 MW in Spain.

(EUR 1.0 = USD 1.116)

Choose your newsletter by Renewables Now. Join for free!