EDPR Q3 boosted by US and Spain

PORTUGAL: Developer EDP Renovaveis (EDPR) saw its Q3 financial results boosted by growth in US production and a rise in the Spanish pool price.

EDPR's US business is becoming an increasingly important source of revenue

The adjusted net profit from EDPR's operations in Europe and the Americas in the third quarter rose by 45% to €160 million compared with the adjusted figure for the same period in 2016, according to the company's results.

EDPR also reported an 11% third quarter rise in revenues to €1.35 billion and a 17% rise in EBITDA to €991 million on the back of a 10% increase in overall production, mainly in the US, and a 10% rise in the average selling price in its principal European market, Spain.

EDPR has installed 827MW of additional wind capacity in North America in the last 12 months and has a further 675MW under construction, mainly in the US and Brazil.

The growing importance of EDPR's American markets was reflected in a rise in their percentage contribution to pre-tax earnings from 37% to 44% in the past year.