EDP Renováveis 2020 net profit up 17% YoY

  • ECO News
  • 24 February 2021

EDPR's board of directors will propose a dividend distribution of 69.8 million euros.

EDP Renováveis (EDPR) ended 2020 with profits of 556 million euros, up 17% YoY, resulting from “a successful execution of a sell-down strategy”, announced the company this Wednesday. EDPR’s board of directors will propose a dividend distribution at the general shareholders’ meeting of 69.8 million euros.

In the same period, EBITDA remained stable compared to 2019 at 1,655 million euros, “with Sell‐down transactions having a positive impact of ‐17 million euros in D&A offset by new capacity and a 28 million euros write‐down of a wind‐farm (151 MW in US) approved for repowering in 2021.”

At the end of last year, net debt reached 3,443 million euros (640 million more than in 2019) reflecting assets in operation and investments made, including the acquisition of the Viesgo renewable business and forex translation.

Revenues decreased to 1,731 million euros (down 5% from 2019), “where the impact from capacity MW (‐47 million euros YoY; including Sell‐down transactions), wind resource (‐89 million euros YoY) and forex translation & others (‐9 million euros YoY), were not offset by higher selling prices (+53 million euros YoY; ex‐Sell‐down).”

Other operating income totalled 498 million (up 99 million from 2019), with the year-on-year evolution reflecting gains (434 million) from sell-down transactions closed at year-end in the US and Spain, to which can be added the stakes already sold to the offshore joint venture with Engie (by year-end all EDPR assets had been transferred in line with the signed agreement).

In operational terms, EDP Renováveis had at the end of last year an asset portfolio of 12.2 GW, with an average life of 9 years, of which 11.5 GW fully consolidated and 669 MW equity consolidated (Spain, Portugal, USA, and Offshore). Last December the company added another 1,580 MW, including the 486 MW from the acquisition of the Viesgo renewable business.

The Portuguese company closed the year with 2.4 GW of new capacity under construction, “of which 1,648 MW related to onshore wind, 404 MW to solar PV and 311 MW to equity participations in offshore projects. In the period, EDPR produced 28.5 TWh of clean electricity (‐5% YoY), avoiding 18 megatonnes of CO2 emissions.”