EDP Renewables Profit rises 17% to 556 million euros in 2020

In the year 2020 EDPR added a total of 1,580 MW, including 486 MW from the acquisition of Viesgo’s renewables business.

By the end of 2020 it managed a portfolio of operating assets with a capacity of 12.2 GW.

The company has continued to successfully implement its asset disposal strategy.

EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind power producer, reported a Net Profit of €556 million at the end of 2020, compared to €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 CO?. 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 €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 €498 million (compared with €400 million in 2019), with the year-on-year performance reflecting gains of €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 €1,655 million, while EBIT stood at €1,054 million. Net Financial Expenses decreased by €64 million to €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 €3,443 million (+€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.