EDP Renewables (EDPR) has reported a 49% year-on-year rise in profitability, recording EBITDA of €976m for H1 2022.
Overall, the fourth largest renewable energy producer in the world achieving a net profit of €265m in the first half of 2022, 87% more than last year.
This performance, supported by the 16% increase of generation compared to last year, was driven by additional installed capacity and stronger renewable resources.
The directors also said that EDPR had also reached a record capacity under construction of 3.2GW as of June 22 (including 1.8GW of wind and 1.3GW of solar), on the back of new capacity to be added in 2022 and 2023.
Installed capacity increased to 13.8GW (up 1.2GW interannually), with Europe and North America representing 40% and 51% of the portfolio, respectively.
EDPR has now a higher technology diversification with 12.2GW of wind onshore, 1.3GW of solar and 1.5GW of gross wind offshore in operation.
Furthermore, in the last 12 months EDPR added 2.5GW of capacity.
Following the completion of the Asset rotation deals in the US and in Portugal in the second half of 2021 and in Poland and Spain in the first half of 2022, net capacity change compared to the previous year totalled +1.2 GW.
In the 1H22, additions amounted to 0.6GW, mainly driven by the successful integration of Sunseap assets in APAC which now represent 3% of EDPR’s portfolio.
Asset rotation amounted to 0.3GW in Europe.
Moreover, EDPR generated 17.8 TWh of clean energy in the 1H22 (up 16% interannually), avoiding 11 million tonnes of CO2 emissions, with Europe and North America representing 36% and 57% of total generation output, respectively.
The developer said that in Europe generation increased 10% compared to last year, impacted by higher installed capacity and a stable renewable resource.
In North America, output is up 12% interannually reflecting better renewable resource in US and Canada.
In South America, production increased 111% compared to the previous year driven by higher installed capacity in Brazil, partially offset by lower renewable resource.
In the 1H22, EDPR reported a 33% load factor (up 2pp interannually) reflecting a Renewables index 2% higher than the expected long term average Gross Capacity Factor (up 7pp interannually).
EDPR chief executive Miguel Stilwell d’Andrade (pictured) said: “Despite the complexity of the current context, we have continued to deliver on the roadmap set out in our 2021-25 strategic plan.
“The solid operational results recorded in the first half of the year, with the growth of our installed capacity as well as the record capacity under construction, are a true reflection of the resilience and strength of the company.
“Also, we achieved a strong financial performance with significant growth, across our global footprint, not only in revenues but also in net profit.
“We will continue to add value to our stakeholders and to society as a whole.”