EDP Renováveis’ profit drops 7% by September

EDP Renováveis profited 319 million euros between January and September of this year, a 7% reduction compared to the same period of the previous year. The information is part of a report sent to the market regulator (CMVM).

The company’s EBITDA reached 1,074 million euros, a year-on-year drop of 12% that penalized the net result. This drop is justified by “sell-down transactions” that occurred in the period.

Revenues declined to 1,259 million euros, a drop of 8%, “where impact from capacity MW (-€73m YoY; including Sell-down transactions), wind resource (-€58m YoY), forex translation and others (-€4m YoY), were not offset by higher selling prices (+€29m YoY exSell-downs),” the Portuguese company explained.

At the end of the third quarter, EDP Renováveis had a portfolio of operating assets of 11.5 GW (gigawatts) with an average life of nine years and last year built 875 MW (megawatts), including a 50% stake in a 278 MW solar portfolio in the US.

During this period, following its sales strategy (sell-down), the company disposed of all of its stake in the 137 MW Babilonia wind farm in Brazil and dismantled 18 MW in Spain, for “repowering” of this same wind farm. In total, as of September, the consolidated portfolio net variation was of +712 MW.

In this month, EDP Renováveis had 2.2 GW of new capacity under construction, of which 1,693 MW related to onshore wind energy, 200 MW with solar energy and 269 MW with consolidated equity stakes in offshore wind projects.