EDP Renewables reported flat operating profits in 2020, achieving EBITDA of €1,655m in 2020, compared to €1,651m the previous year.
The Portuguese developer recorded a 5% drop in revenues to €1,731m in 2020 as a result of lower wind resources and the negative impact of forex translation, which were not offset by higher selling prices.
Other operating income amounted to €498m (compared with €400m in 2019), with the year-on-year performance reflecting gains of €443m relating to the sale-down transactions closed at the end of the year
Another factors was offshore transactions, namely the stakes sold to the offshore joint venture with ENGIE as foreseen in the agreement signed in January 2020.
Net Financial Expenses decreased by €64m to €285m due to lower debt and lower average cost of debt in the period (3.5% vs. 4.0% in 2019).
Net profit of €556m at the end of 2020, compared to €475m in 2019.
At the end of 2020, the company managed a portfolio of operating assets with a total capacity of 12.2GW, of which 11.5GW are fully consolidated and 669MW are equity consolidated (Spain, Portugal, US and offshore).
In the full year, EDPR increased its capacity by 1580MW, including the 486MW from the acquisition of Viesgo’s renewables business.
During the period, the company continued to successfully implement its rotation strategy, closing the sell‐down of its entire ownership in the 137MW Babilonia wind farm, 237MW in a Spanish portfolio, 80% sell-down of a 563MW portfolio in the US (of which 200MW will become operational in 2021) and a 102MW build and transfer wind farm in US.
In total, as of December 2020, the net variation in EDPR’s consolidated portfolio reflected an increase of 806MW.
As of December 2020, EDPR had 2.4GW of new capacity under construction, of which 1648MW related to wind onshore, 404MW to solar PV and 311MW to equity participations in offshore projects.
In the period, EDPR produced 28.5 TWh of clean electricity, thus avoiding the emission of 18 million tonnes of CO2.
The electricity produced was 5% lower than the previous year, in line with a lower average installed capacity resulting from the execution of EDPR’s sell‐down strategy.
EDPR chief executive João Manso Neto said: “We are very satisfied with the results that we present today.
“During the last year we have been able to increase our income, extend our operations geographically with operations such as Colombia, and to grow while reducing our debt, thanks to a strategic divestment policy.
“In addition, the company considerably increased its net profit compared to the previous year.
“Our commitment to continue growing is stronger than ever.
“This from the responsibility of doing it in a responsible manner and with the aim of continuing to generate value for our investors, contributing decisively to the energy transformation and supporting the communities in which we are present.”