EDPR sees net profit down by 26% y/y in H1 2020

Madrid-based renewables company EDP Renovaveis SA (ELI:EDPR) accumulated a net profit of EUR 255 million (USD 302.2m), down 26% year-on-year, in the first half of 2020.

It said that the bottom line mainly reflected lower earnings before interest, tax, depreciation and amortisation (EBITDA), which dropped by 18% to EUR 793 million.

Total revenues for the period decreased by 9% to EUR 913 million, including divestments, with EDPR noting that higher average selling prices, favourable foreign exchange rates and other earnings could not make up for lower capacity and wind resource.

During this time, the company generated 14.7 TWh of clean power, down by 9%, due to having less installed capacity compared to the same period a year back as part of its divestment programme.

EDPR said its divestment plan for 2019-2022 is more than half-way complete.

At the end of the reporting period, the company managed a portfolio of 11.4 GW of operating assets, with an average age of about nine years. Of these, 10.9 GW were fully consolidated, while 550 MW are equity stakes in Spain and the US.

At present, EDPR is building 2.3 GW of new renewables, a portfolio that consists of onshore wind, solar photovoltaic and equity stakes in offshore wind projects, the company said.

(EUR 1.0 = USD 1.185)

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