Engie recorded just over €10bn in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2019, up 7% on 2018, according the French energy giant’s 2019 results.
In addition to an EBITDA of €10.4bn, Engie achieved revenues of €60.1bn last year, compared with €57bn in 2018. The performance of the renewables portfolio contributed to its 2019 results, according to the French energy company.
In 2019 Engie commissioned 3GW of new renewables capacities, including hydro, mainly in Brazil (500MW), the US (500MW), Spain (400MW), Mexico (300MW), India (300MW), France (300MW) and Egypt (300MW).
The segment also benefited from higher Brazilian and French hydro prices, according to Engie.
Engie’s target of 9GW, to be commissioned between 2019 to 2021 is now “fully secured”. Last year it also continued to decarbonise its power generation portfolio with the completion of coal disposals in Asia and Europe.
Engie said its develop, build, share and operate (DBSO) model has attracted partners to expand its renewables portfolio, including the agreement in January 2020 with EDPR for the 50/50 joint-venture in offshore wind to create a global offshore wind player and the strategic partnership signed with Edelweiss Infrastructures Yield in India at the beginning of 2020.
Engie chairman Jean-Pierre Clamadieu said: “The board and top management are fully aligned to pursue ENGIE’s transformation path to be a leader in the energy and climate transition.
“The interim collective management in place – namely Paulo Almirante, Judith Hartmann and Claire Waysand – has the priority to maintain the engagement of the teams and to reach our operational and financial performance.
“They will set up and implement a roadmap to simplify, clarify and strengthen our business model. They can count on my support to ensure the success of this transition period.”