EDP Renewables records 12% growth in 2023
EDP Renewables’ recurring net income for the first 9 months of 2023 was up 12% on the same period in 2022, with major investments in Europe and North America.
| Sectors | Solar Energy, Wind Energy, Energy Storage, Onshore, Photovoltaic |
|---|---|
| Themes | Markets & Finance, Results |
The EDP Renewables Group (EDPR) announces a significant increase in recurring net income in the first nine months of 2023. This represents growth of 12% over the same period last year, demonstrating the company’s financial strength.
Major investments in Europe and North America
EDPR’s investments totaled 3.4 billion euros over the period, with a major concentration in Europe and North America. These investments have contributed to the expansion of the company’s solar and wind power capacities, reinforcing its role in the energy transition.
Financial performance in September
In September, EDPR posted a net profit of 467 million euros, up 12% on the previous year. The company’s EBITDA totaled €1,437 million, with an overall improvement in performance in several regions, despite lower contributions from North America.
Environmental and regulatory impact
EDPR’s performance is attributable to increased production, due to the expansion of operating capacity, as well as to gains from asset rotation, thanks to two transactions concluded in Spain and Poland. However, it was impacted by environmental phenomena such as El Niño, which reduced wind generation in the United States, and by regulatory recoveries in Europe.
Capacity expansion and increased debt
In the first nine months of 2023, EDPR invested nearly 3.4 billion euros, with over 80% of its CAPEX concentrated in Europe and North America. The company increased its installed capacity by over 0.8 GW during this period, taking its portfolio to 15.1 GW worldwide.
Asset rotation strategy and technological diversification
EDPR’s net debt increased by €1.1 billion compared with end-2022 due to investments aimed at accelerating the energy transition in the regions where it operates, partially offset by a capital increase. EDPR’s asset rotation strategy was also implemented, with transactions in Spain, Poland, Brazil and the UK, including the 50% stake in Ocean Winds.
Commitment to decarbonization and sustainable development
EDPR is actively committed to decarbonizing the economy by accelerating the deployment of renewable energies and diversifying its technological mix. During this period, the company installed 669 MW of solar projects, in addition to 162 MW of wind projects. In addition, the first 16 MW of storage were commissioned, contributing to the achievement of global decarbonization objectives.
Finally, EDPR reached 5.2 GW of capacity under construction, reinforcing its position as a leader in the renewable energies sector. The company has also secured almost 55% additional capacity through Power Purchase Agreements (PPAs) with businesses and utilities, contributing to the ongoing expansion of its business.
EDP Renewables continues to grow and play a key role in the global energy transition. With significant investments, increased solar and wind power capacity, and strategic partnerships, the company remains committed to decarbonizing the economy and promoting renewable energies.
