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EDP Renewable obtained a net profit of 104 millions of euros and increased its Ebitda a 91% in 2008

EDP Renewable obtained a net profit of 104 millions of euros and increased its Ebitda a 91% in 2008

euro net profit in 2007. Furthermore, the Company managed to increase its Ebitda 91% to 438 million euro (EDPR is listed in the stock exchange Euronext).  At the closing of 2008, EDP Renewables had 5.052 MW of wind capacity installed in Europe and the United States. EDPR currently has a presence in six European countries, the United States, and Brazil. The U.S. platform represents 43% of its business, followed by Spain with 42%, 11% in Portugal, and 4% in the other European countries including France, Romania and Poland. The Company accomplished its targets for 2008 after its OPV (Public Operation of Sell), with the goal of increasing gross capacity by 1.400 MW. EDP Renewables exceeded this mark with 1.413 MW, causing an increase of 40% since 2007. As a result, the EDPR managed a portfolio of over 5 GW by the end of 2008. In terms of installed capacity, EDPR concluded 2008 with 1.4 GW more than the previous year. In relation to 2006, the company multiplied its wind capacity by 2.3, going from 2.127 to 5.052 MWs.  Thus, the electric production delivered last year rose to a 7.807 GWh, increasing by 78% since 2007, when it was 2.454 GWh. EDP Renewables achieved one of the highest margins of Ebtida within the industry, 75% (72% in 2007). The balance sheet shows outstanding strength, with a net debt of only 16% of the company’s value (1.100 million euro). Among the reasons behind this success, it is relevant to mention the low financial risk, as well as the attractive selling price for wind energy: an average 98 euro in Europe and $86 dollars in the United States. At the same time, the company has proven a positive attitude towards creating institutional deals, notwithstanding the adverse conditions of the capital markets, as demonstrated by the tax equity agreement signed in the United States in December for a value of $265 million .  The United States platform is responsible for 2.158 MW of the 5.052 MW of global installed capacity in 2008.. In addition, at the end of 2008, the U.S. platform had 199 MW of wind power in construction, and a pipeline, including prospects of 18.518 MW. By the close of December, 2008, Spain had 2.109 MW of installed capacity, 477 MW in development, and a pipeline of 5.343 MW. In Portugal, EDPR owns 553 MW of installed capacity, and is currently building 42 MW, with a pipeline, including prospects, of 771 MW. Finally, in France, Belgium, Poland and Romania, the installed capacity at the end of the 2008 was 232 MW, with 51 MW in construction and a pipeline and prospects of 3.385 MW. Romania is the most recent country where EDP Renewables entered with the acquisition of 736 MW of pipeline and prospects in October, 2008, following the company’s global strategy of selective expansion of suitable geographic areas that provide a strong wind resource and competitive energy pricing. At the global level the company shows a total pipeline with prospects of 28.234 MW.

Results EDPR