EDP Renewables profit soared 147% in the first half of 2019 to €343m, up from €139m last year, buoyed by the company’s sell-down strategy to offload majority interests in projects under development and operational.
The company said it has so far announced €0.8bn of an approximately €4bn sell-down plan.
Earnings were up 40% to €961m, from €685m in 2018, while revenue grew 9% to just over €1bn from €923m.
Other factors contributing to the good performance in the first six months of the year were increased capacity, output and average power prices.
EDPR had 11,764MW installed by the end of June, up from 11,044MW at the end of the same period of 2018.
Output in the first half of 2019 was 16,157 gigawatt-hours, up 5% on 2018’s 15,451 GWh.
Average power prices were also up 5% to €56.2 per megawatt-hours from €53.5MWh.
The company said it has a further 1323MW of projects under construction.