EDP Renewables has reported a rise in profitability due to solid business line results underpinned by a 10% gain in installed capacity and a 14% gain in renewable energy generation.
The wind and solar developer reported in its Q3 results EBITDA of €1.482bn, representing a 62% inter-annual gain.
EDPR added that it was on target with its ambitious growth plan owing to its record 4GW renewable energy capacity under construction in 15 markets around the world.
Gross investments of €4.4bn have enabled EDPR to increase their international presence across 28 different national markets via acquisitions such as that of Sunseap.
Additionally, EPPR have been able to carry on generating value via their asset rotation programme, closing three transactions in Spain, Poland and Italy which have contributed to the creation of €264m in profit.
In addition, installed capacity of up to 14.3GW has led to stable operating performances.
EDPR added that it has managed to hit 10.8GW of the additional 20GW goal set for the 2021-2025 period, with over 40% of this goal either already installed or under construction.
Furthermore, the company carried out its asset rotation ahead of schedule, with €3.4bn of the €8bn income goal already achieved via agreements generating twice the per MW value compared to what was set out in the Business Plan.
EDPR chief executive Miguel Stilwell d’Andrade (pictured) said: “EDPR are in a very strong position to deal with all of the challenges presented by the energy transition and we have already achieved 55% of the renewables capacity we set out to develop for the 2021 to 2025 horizon.
“During the first nine months of this year and even given the bumpy business context the energy sector finds itself in which we were able to invest over €4bn in renewable energy projects.”