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Portugal

Portugal

High productivity boosts EDPR revenue

PORTUGAL: Q1 revenues for EDP Renovaveis (EDPR) increased by 22% over the same period in 2015, following a similar increase in 2015, the utility reported.

EDPR's 240MW Twin Groves wind project in the US
EDPR's 240MW Twin Groves wind project in the US

Revenue of €508 million were reported in EDPR's first financial quarter of 2016, attributed to an increase in operational capacity and high productivity with load factors averaging 38%.

Net profits increased 32% to €75 million, while earnings before interest, taxes, depreciation and amortization (Ebitda) rose to €379 million, up 29% year-on-year.

By the end of the quarter, EDPR said it had a renewable energy global portfolio of 9.7GW across ten countries, with 627MW added in the reporting period.

For its 2015 financial year, EDPR reported a 21% increase in revenues due to an 8% rise in generation, higher prices and the absorption of assets from the Portuguese ENEOP wind power consortium.

The second quarter looks set to continue in the same way. In April, EDPR sold a 49% share of wind projects in Spain, Portugal, France and Belgium to Vortex, an Egypt-based fund, for €550 million.

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