EDP Renováveis 2018 profit up 14% to €313m; ‘avoided 19.8m tones of CO2’

  • Lusa
  • 27 February 2019

EDPR, renewable energy subsidiary of EDP, saw its profits boost by 14%, up to €313 million last year, avoiding with their activity 19.8 million tones of CO2 emissions.

EDP Renováveis, the renewable energy arm of Energias de Portugal, had a net profit of €313 million last year, up 14% from 2017, according to information sent on Wednesday to Portugal’s securities markets commission, the CMVM.

At the end of 2018, the company said, it had a global portfolio of 11.7 GW in generating capacity spread across 11 countries. During the year that increased by 826 MW, of which 478 MW was in North America, 211MW in Europe and 137 MW in Brazil.

According to EDP Renováveis, the clean energy it generated in 2018 made it possible to avoid the emission of 19.8 million tonnes of carbon dioxide.

“We are committed to continue to make the company growth through efficient management and risk limitation models, as well as the diversification of our capacity to generate value through markets and technology,” said the company’s CEO, João Manso Neto.

Earnings before taxes, interest, depreciation and amortisation were last year €1.3 billion, down 5% on 2017, .

The company’s workforce swelled by 14% to 1,388 at end-year.

Total net investments in 2018 were €957 million euros, down €79 million on 2017.

At the end of the year, net debt was €3.06 billion, up €254 million from a year earlier.

The board will propose to shareholders a dividend distribution of €61.1 million or €0.07 per share.

EDP Renováveis has its headquarters in Madrid, although its largest shareholder nwith 82.6%, Energias de Portugal, is Portugal’s largest company, based in Lisbon.