EDPR Pereira Barreto PV complex. Image by EDP (www.edp.com)
Renewable energy giant EDP Renovaveis SA (ELI:EDPR) said today its net profit soared 87% year-on-year in the first half of 2022 to EUR 265 million (USD 268.3m) despite higher financial expenses.
The renewables arm of Portuguese utility EDP (ELI:EDP) noted that the jump was partially offset by higher financial costs and non-controlling interests as a result of positive top-line performance in NCI portfolio.
Total revenues for the period went up by 45% to roughly EUR 1.24 billion, driven by higher market prices in Europe and the impact caused by the regulatory framework update in Spain.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 49% to EUR 976 million, while earnings before interest and tax (EBIT) surged 76% to EUR 640 million.
In the first half of the year, the company generated 17.8 TWh of clean power, up 16% on the year, as a result of elevated installed capacity combined with stable resources in its major markets.
At the end of the reporting period, EDP Renovaveis managed a portfolio with 13.8 GW of installed capacity, with Europe and North America accounting for the bulk of it. At present, the company is building 3.2 GW of new renewables, including 1.8 GW of wind and 1.3 GW of solar.