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EDPR’s Net Profit Rises 17% to EUR 556mln in 2020

EDP Renewables (EDPR), a global leader in the renewable energy sector and the world’s third-largest wind power producer, reported a Net Profit of EUR 556 million at the end of 2020, compared to EUR 475 million in 2019. At the end of 2020, the company managed a portfolio of operating assets with a total capacity of 12.2 GW, of which 11.5 GW are fully consolidated and 669 MW are equity consolidated (Spain, Portugal, US and Offshore).

In the full year, EDPR increased its capacity by 1,580 MW, including the 486 MW from the acquisition of Viesgo’s renewables business. During the period, the company continued to successfully implement its rotation strategy, closing  the Sell‐down of its entire ownership in the 137 MW Babilonia wind farm, 237 MW in a Spanish portfolio, 80% sell-down of a 563 MW portfolio in the US (of which 200 MW will become operational in 2021) and a 102 MW Build and Transfer wind farm in US. In total, as of December 2020, the net variation in EDPR’s consolidated portfolio reflected an increase of 806 MW.

As of December 2020, EDPR had 2.4 GW of new capacity under construction, of which 1,648 MW related to wind onshore, 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, thus avoiding the emission of 18 million tonnes of CO₂. The electricity produced was 5% lower than the previous year, in line with a lower average installed capacity resulting from the execution of EDPR’s Sell‐down strategy.

 

Financial results

EDPR reported total revenues of EUR 1,731 million in 2020, down 5% as a result of lower wind resources and the negative impact of forex translation, which were not offset by higher selling prices. Other operating income amounted to EUR 498 million (compared with EUR 400 million in 2019), with the year-on-year performance reflecting gains of EUR 443 million relating to the Sale-down transactions closed at the end of the year in the US and Spain, together with Offshore transactions, namely the stakes sold to the offshore joint venture with ENGIE as foreseen in the agreement signed in January 2020.

Both EBITDA and EBIT were flat year-on-year. EBITDA reached EUR 1,655 million, while EBIT stood at EUR 1,054 million. Net Financial Expenses decreased by EUR 64 million to EUR 285 million due to lower debt and lower average cost of debt in the period (3.5% vs. 4.0% in 2019).

At year-end 2020, the company’s Net Debt totalled EUR 3,443 million (+EUR 640 million vs. December 2019), reflecting on the one hand assets’ cash generated and on the other hand investments in the period including the acquisition of Viesgo renewables and forex translation.

 

About EDP Renewables (EDPR)

EDP Renewables (EDPR), is a global leader in the renewable energy sector and the world’s third-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 14 international markets (Belgium, Brazil, Canada, Colombia, France, Greece, Hungary, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK and the US).

EDPR is committed to furthering social advances in terms of sustainability and integration. This is reflected by the inclusion of the company in the Bloomberg Gender Equality index and the fact that it has been certified as a Top Employer 2020 in Europe (Spain, Italy, France, Romania, Portugal and the United Kingdom), both of which recognise its employee-driven policies.

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