February 20 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) posted a net profit of EUR 475 million (USD 513.9m) in 2019, recording a 52% jump compared to the results in the previous fiscal cycle.
The renewables arm of Portuguese utility EDP (ELI:EDP) saw its earnings before interest, taxes, depreciation and amortisation (EBITDA) grow by 27% to EUR 1.65 billion, while earnings before interest and taxes (EBIT) rose by 40% to EUR 1.06 billion.
Revenues climbed 7% to EUR 1.82 billion driven by a higher average EBITDA/MW ratio, higher average selling price, a EUR-39-million boost from favourable foreign exchange rates and improved wind resource.
The company recorded capital gains of EUR 313 million after concluding the sale of its interest in a 997-MW wind portfolio of European assets.
Over the year, EDPR generated 30 TWh of clean electricity, up by 3% year-on-year, underpinned by capacity additions and higher wind resources, which compensated for the company’s exit from the 997-MW portfolio. The average price of electricity increased by 2% to EUR 54.7/MWh.
The year ended with 11.4 GW of operating assets, 10.8 GW of which were fully consolidated, with the remaining 550 MW being equity stakes in Spain and the US. After EDPR finalised several divestment and acquisition transactions, the portfolio was lighter by 310 MW in year-on-year terms at the end of December.
The company built around 888 MW of new wind and solar capacity across Europe and the US and started an 18-MW repowering project in Spain.
In December, EDPR had 1 GW of capacity under construction corresponding to 664 MW of onshore wind and equity stakes in 330 MW of offshore projects.
(EUR 1.0 = USD 1.081)