EDPR booked net profit of €62m for the first quarter of the year, up 2% on the same period in 2019 despite suffering a 7% dip in revenues.
The Portuguese developer said the “solid” result was thanks to hedging gains and portfolio performance outpacing the lower wind resource in the year.
The latter meant a decline of €16m year on year in income, leading an overall revenue of €487m.
Reported EBITDA totalled €340m, down 12% compared to the first three months of 2019.
Chief executive Joao Manso Neto said: “Our EBITDA remained solid despite the company’s first quarter performance being impacted by the sell-down process that we are carrying out aligned with our business plan.
“In operating terms, the company has been delivering its growth objectives, considerably surpassing its targets. EDPR already has 83% of the 7GW build-out target capacity secured for 2019-22, which includes not only onshore but also offshore and solar – technology and geo diversification.”
He added that COVID-19 has not impacted the results for the quarter.
“Our response plan was focused on the safety and health of our teams and on helping local communities, without altering our business plan or strategy.”