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Growing on both sides of Atlantic -- EDF hitting its target

" Wind energy remains our key growth driver," stated Paris Mouratoglou, chairman of EDF Energies Nouvelles (EDF EN), the dedicated renewables arm of French utility EDF, when announcing the group's 2007 financial results. Strong growth saw EDF EN meet or exceed all its targets.

"Wind energy remains our key growth driver," stated Paris Mouratoglou, chairman of EDF Energies Nouvelles (EDF EN), the dedicated renewables arm of French utility EDF, when announcing the group's 2007 financial results. Strong growth saw EDF EN meet or exceed all its targets. Earnings before interest, tax and depreciation (EBITDA) rose 46.3% to EUR 134.3 million, while net income was up 134.7% to EUR 51.4 million and gross installed wind capacity grew 50% to end the year at 1218 MW, around half of it in America.

At the same time the group posted an increase in consolidated revenues of 67.4% to EUR 560.5 million in 2007, thanks mainly to growth in wind power generation alongside a rise in the development and sale of structured assets (DSSA) in the American market.

In Europe, generation from wind power grew by 75.4%, despite less wind than expected towards the end of 2007. Overall activity in the region rose by 14.2%, with EDF EN posting revenues for the year of EUR 186.5 million.

Growth was even higher in the United States, where it owns project developer and maintenance company Enxco, which accounted for revenues of EUR 374 million, an increase of 118.1% on 2006. The main driver here was the sale of EDF EN's Pomeroy and Goodnoe installations, totalling 292 MW, which also contributed significantly to a doubling of global DSSA activity to give a record turnover of EUR 374.9 million.

Another revenue-boosting factor in America was the commissioning in Minnesota of the 200 MW Fenton facility in November, while operation and maintenance (O&M) posted a 2.4% increase, reaching EUR 11 million. Of four O&M contracts signed during the year by Enxco, the biggest was a five-year deal with MidAmerican Energy, representing 508.5 MW. EDF EN reports 1100 MW under construction and reiterated its 2008 EBITDA target of at least EUR 200 million.

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