Portugal: EDP Renewables Announces First Quarter 2011 Results with EBITDA up by 19pct

EDP Renewables, a global leader in the renewable energy sector and the world’s third-largest wind energy producer, today announced that an additional 1.37 GW of capacity were installed over the last 12 months, of which 486 MW were added in 1H 2011 (around 60% of the expected installation for FY 2011).

Electricity output in 1H 2011 increased by 27% YoY to 8.79 GWh. EDPR was able to maintain system-wide load factors of 32%, one of the highest in the industry, underlining the quality and diversification of its operational portfolio.

Revenues and EBITDA grew 18% and 19%, YoY, respectively, in line with strong operating growth and a higher EBITDA margin (75% in 1H 2011). By geographical markets, EBITDA grew 16% in Europe and 22% in the USA.

Net profit for 1H 2010 grew to € 90 million, reflecting the operating performance in the period, the extension of the operating assets’ useful life and the capital gain from the sale of the stake in SEASA. Operational cash flow grew 49% YoY to €353 million in 1H11 and more than covered the €345m 1H 2011 capex.

In the course of the first half 2011, in Spain EDPR assumed full control of GENESA (1.7GW of capacity) of which it already held 80%, and won a public tender with 127MW in the region of Aragon. In Romania, the company completed project finance for a total of 228MW and in Brazil for 70MW. In the UK, EDPR signed a cooperation agreement with Spanish energy company Repsol for the joint development of 2.4GW offshore capacity in Scotland. In the United States, EDPR won a long-term contract for 45MW and established a new institutional partnership structure for a further 99MW.

[mappress]

Source: edp, July 27, 2011