EDP Renewables Net Profit Rises by 87% YoY to $270 Million
The company's revenues grew by 45% YoY to €1,237 million
Spain-based renewable energy company EDP Renewables (EDPR) reported a net profit of €265 million (~$270 million) in the first half (1H) of 2022, an 87% year-over-year growth.
EDPR’s revenues reached €1,237 million, a 45% YoY growth, or an increase of €381 million (~$389 million) from the previous year.
The company recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of €976 million (~$996 million), a 49% YoY growth.
This performance, supported by the 16% increase in generation compared to last year, was driven by additional installed capacity and stronger renewable resources.
EDPR has 1.8 GW of wind and 1.3 GW of solar capacity under construction as of June 22.
Installed capacity increased to 13.8, with Europe and North America representing 40% and 51% of the portfolio, respectively. EDPR’s portfolio comprises 12.2 GW of wind onshore and 1.3 GW of solar.
EDPR generated 17.8 TWh of clean energy in the 1H 2022, an increase of 16% YoY, avoiding 11 million tons of CO2 emissions, with Europe and North America representing 36% and 57% of total generation output, respectively.
In Europe, generation increased 10% compared to last year, impacted by higher installed capacity and a stable renewable resource.
In North America, the output is up 12% interannually, reflecting better renewable resources in the U.S. and Canada. In South America, production increased 111% compared to the previous year, driven by higher installed capacity in Brazil, partially offset by lower renewable resources.
In June, EDPR announced that it would invest €1.5 billion (~$1.58 billion) in Ocean Winds through a 50:50 joint venture with global energy company Engie. The investment is part of the company’s strategic partnership announced in 2021 to accelerate energy transition through offshore wind.
Earlier this year, EDPR said it would acquire a 91% stake in Sunseap and announced the closure of its S$1.1 billion (~$795 million) deal with the solar energy system developer. The company is mulling an investment of S$10 billion (~$7.2 billion) in 2030 to create an industry-leading clean energy hub for the Asia-Pacific region, with a portfolio including nearly 10 GW of clean projects.