EDP Renováveis earns 66 million Euros in the first half of 2009, a 32% increase
With 5,301MW of installed capacity, EDPR remains the fourth largest wind power company in the world
EDP Renováveis (EDPR), the fourth largest wind power company in the world and subsidiary of the Grupo EDP-Energías in Portugal, obtained a net profit of 66 million Euros in the first half of 2009 and increased its EBTIDA by 19% reaching 271 million Euros. EDPR is quoted on the Euronext stock market.
By June, EDP Renováveis had achieved 5,301 megawatts (MW) of installed wind energy capacity. This keeps EDPR in fourth position in the world ranking. The company, which has offices in six European countries, in addition to the United States and Brazil, has 1,261 MW in construction and a project portfolio of 28,304 MW.
Thus, EDP Renováveis now manages a portfolio of over 5.3 GW as of the first half of 2009.
In terms of installed capacity, EDP Renováveis added 1,455 MW over the last 12 months, with an increase of 38% in relation to the first semester of 2008. The production of electricity delivered reached 5,253 GWh, 33% higher than the same period in 2008.
In addition to the 5,301 MW of wind energy already in operation, EDP Renováveis has 1,261 MW in construction, of which 760 MW are located in Europe and 501 MW are located in the United States. The company plans to increase its wind capacity to 10,500 MW by 2012.
The leading world market for EDPR is the United States, which has an installed capacity of 2,358 MW. In addition, it has 501 MW under construction and plans to add up to 17,785 MW. Spain is the second leading country with 2,109 MW of installed capacity, 477 MW under construction and 4,999 MW in development. Currently, Brazil has 14 MW of installed capacity, and ranks third in terms of potential power capacity given EDPR plans to develop up to 1,544 MW.
EDP Renováveis achieved one of the highest EBITDA margins in the wind energy industry, a total of 76%. This was particularly due to the progress made in the United States where the EBITDA increased by 56%.
The company’s balance sheet is very solid. Its net debt represents only 20% (1,900 million Euros) of the company’s value which shows its reduced financial risk.