The company is investing in wind power and hydropower in Europe, Brazil and the US. However, the utility cut its investment target for 2011-12 to €2.1 billion, down from an earlier forecast of €2.4 billion.
EDP Renovaveis, which owns and operates wind farms in Spain, the USA, Portugal, France, Poland, Romania, Belgium and Brazil, made a gross profit of €689 million over the nine month period, up 17% from €587 million the previous year.
EBITDA was €548.3 million, up from €473 million.
The division’s net debt rose 18% year on year to €3.4 billion as of September 2011, reflecting investment in new wind power capacity.