Energy, Automobile, EV, Renewable News | EDPR invests over €4 billion in renewable energy

EDPR invests over €4 billion in renewable energy

November 17, 2022

EDP Renewables (Euronext: EDPR), the world’s fourth largest producer of wind and solar energy, has reported its end of third quarter results, carrying on showing solid growth owing to its larger installed capacity, greater strengthening of renewable resources and average sales price recovery. The result of all of this is an EBITDA of 1.482 billion euros and a net profit of 416 million euros.

EDPR is well and truly on target with its ambitious growth plan owing to its record 4 GW renewable energy capacity under construction in 15 markets around the world, likewise, providing the company with broader technological diversification. In parallel to all of this, gross investments in the amount of 4.4 billion euros have enabled EDPR to increase their international presence across 28 different national markets via acquisitions such as that of Sunseap. Additionally, EPPR have been able to carry on generating value via their asset rotation programme, closing three transactions in Spain, Poland and Italy which have contributed to the creation of 264 million in profit.

Operating results are also posting growth due to the increased installed capacity and strengthening of renewable energy products. This installed capacity of up to 14.3 GW has led to stable operating performances. Of note EDPR have, as of the date of this press release, managed to hit 10.8 GW of the additional 20 GW goal set for the 2021-2025 period (so 55% achieved), with over 40% of this goal either already installed or under construction. Furthermore, the company carried out its asset rotation ahead of schedule, with 3.4 billion euros of the 8-billion-euro income goal already achieved via agreements generating twice the per MW value compared to what was set out in the Business Plan.

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