A company led by Manso Neto "produced 7.8 TWh of clean energy," down -8% compared to last year.
EDP Renováveis recorded profits of 62 million euros in the first quarter of 2020, an increase of 2% compared to the same period of 2019, according to information sent on Thursday to the Portuguese Securities Market Commission (CMVM) in Lisbon.
The company, which is based in Madrid and listed on the Lisbon Stock Exchange, informs the market that revenues totalled 487 million euros in the first three months of the year, 7% less than a year earlier.
Profit before tax, interest, depreciation and amortization (EBITDA) totalled 340 million euros, 12% less than in the first quarter of 2019.
The company, which had 1,543 employees at March 31st, up 8% from a year earlier, shows that net financial costs decreased by 16% to 80 million euros.
EDPR’s net debt amounted to 2.683 million euros at the end of March, a decrease of 4% compared to one year before.
At the end of the last quarter, the company had a portfolio of operating assets of 11.2 GW (gigawatts), with an average life of nine years, of which 10.7 GW fully consolidated and 550 MW consolidated with minority interests in Spain and the United States (USA).
In the last 12 months, EDPR has built a capacity of 827 MW (megawatts), including a 50% stake in a portfolio of 278 MW of solar energy in the USA.
EDPR produced 7.8 TWh (terawatts hour) of clean energy in the first quarter of the year, 8% less than in the same period of 2019, and estimates that it avoided the production of 5 mt (megatons) of CO2 emissions.
“In operational terms, the company met its growth objectives and exceeded its targets without a problem,” said the executive chairman of EDPR, João Manso Neto, in a statement sent to the newsroom.
On the other hand, he assured that “the crisis resulting from the Covid-19 pandemic did not have a direct impact on the results of the first quarter of 2020”, and the company did not change its business plan and strategy.
At the end of the 2019 financial year, the company had profits of 475 million euros, an increase of 52% compared to 2018.