Hybrid park in USA

EDPR increases installed capacity by 10% and closes semester with EBITDA of 764M€

Wednesday 26, July 2023
  • Performance in the first six months of 2023 was penalized by weak wind generation due to El Niño;

  • EDPR's capacity under construction remains at record highs of 5 GW.

EDP Renewables increased its installed capacity by 10% in the last twelve months, reaching a total of 15.2 GW in the first half of 2023, but overall financial performance was penalized by weak wind generation in the United States due to El Niño weather phenomenon and other non-recurring negative impacts.

Recurring EBITDA in the first half of 2023 totalized 764 million euros, a 13% decrease in a like for like comparison with the first half of 2022, which excludes asset rotation gains booked in this period in the previous year as they will be booked in the second half of 2023.

Recurring Net Profit reached 102 million euros, reflecting weak wind, the cancellation of an offshore PPA in Massachusetts, the impact from a retroactive regulatory review in Spain of the electricity prices assumptions for 2023 and a provision from Romania related to regulatory clawbacks.

The company's commitment to sustainable energy production is reflected in the generation of 18 TWh of electricity through 100% clean energy, a 1% year-on-year increase. Significant contributions came from South America, with more than 2.2 TWh, and the Asia-Pacific region, with around 0.6 TWh. During this period, EDPR prevented more than 10 million tons of CO2 emissions, offsetting the decline in Europe and North America.

EDPR invested €2.3 billion in the first half of 2023, with 85% of the €2.1bn capital expenditure going to Europe and North America. The net debt increased to €5.7 billion compared to year-end 2022, primarily due to increased investments offset by the capital increase.

During this period, EDPR added 321 MW of solar power to its portfolio, with 43% of it coming from distributed solar generation. These additions were made possible through projects in the Asia-Pacific region, Poland, and the United States. Additionally, the company successfully brought 147 MW of onshore wind power online from new projects in Italy, Spain, and its Alta da Coutada project in Portugal, which has received new capacity added to the farm in operation since 2010.

EDPR reinforces its commitment to implement its business strategy, as it currently has a record 5 GW of capacity under construction. This includes various solar, wind, and storage projects that will be operational in the coming years. Among these are offshore wind projects like Moray West in the United Kingdom (with 0.9 GW gross and 0.4 GW net) and Noirmoutier and Le Tréport in France (with 1 GW gross and 0.3 GW net), which are part of the investee Ocean Winds.

Currently, 85% of EDPR’s global portfolio is onshore wind, 13% is solar (with 4% being distributed solar), and 2% is offshore wind through the OW joint venture.