EDPR achieved a 14% rise in earnings to €313 million, according to the company's 2018 financial results.
A 7% fall in revenues to €1.69 billion was the result of electricity prices being significantly lower across all its operating markets, it added.
An additional 665MW of installed capacity helped achieve 3% growth in electricity production to 28,359GWh year-on-year.
However, a 9% drop in electricity prices combined with the negative impact of foreign exchange rates and the expiry of certain tax equity structures took their toll on revenues.
The average selling price in Europe was €54/MWh compared to €59/MWh in 2017 with negative price developments particularly strong in Spain, Poland and Romania.
In Brazil, prices fell more sharply, with a 32% drop to BRL195.4/MWh (€45.87/MWh), while, in the US, the average price was down a more moderate 2% to $45.3/MWh (€39.8/MWh).
Capital expenditure rose 21% year-on-year to €1.27 billion with the most significant growth in Europe.