EDPR profits down for H1 amid asset sales

EDP Renewables sold 1.3GW of capacity and saw low winds hit its earnings in the first half of 2020

by Richard Weyndling 10 September 2020

As of the end of June 2020, EDPR had 1.8GW of onshore wind under construction

EDP Renewables’ (EDPR) profit was squeezed in the first half of the year due to lower earnings, according to the Portuguese developer.

It made a net profit of €255 million in H1 2020 – 9% less than in the same period one year earlier.

The company’s revenue also fell 9% year on year to €913 million as higher average selling prices were unable to offset the impact of the utility selling 1.3GW of capacity and experiencing a lower wind resource in the last 12 months.

The sale of assets and lower capital gains pushed Ebitda down 18% to €793 million. 

Most of the company’s earnings (53%) were generated in North American markets, while Portugal and Spain, combined, accounted for 30%. 

Meanwhile, increased capital expenditure and investment caused net debt to rise 8% to €3.02 billion. 

In the 12-month period from June 2019 EDPR built 986MW – 25% less than in the preceding 12 months.

As of the end of June 2020, the company had 1.8GW of onshore wind under construction, along with stakes in 330MW of under-construction offshore wind farms.