EDP Renewables revenue, earnings and profit all fell in the first three quarters of 2018, compared with the same period last year, hit by lower average electricity prices among other things.
Revenue at the end of September was just under €1.3bn, down 8% on the almost €1.35bn posted at this time last year. Earnings before interest, tax, depreciation and amortisation was down 12% to €869m from €991m in 2017. Net profit fell 30% to €115m from €165m, EDPR said.
Average power prices were down 11% to €53.7 a megawatt-hour from €60.6/MWh last year. The negative impact of foreign exchange transactions and the scheduled expiration of tax equity structures in the US also contributed to the lower figures, it added.
However, higher output slightly offset the impact, with generation up 4% to 20,667 gigawatt-hours from 19,817GWh in the 2017 period.
EDPR also increased installed capacity by 576MW this year to almost 10.9GW, up from just over 10.3GW at the end of September 2017.
Most of the new capacity, 303MW was in North America, with 147MW in Europe and 127MW in Brazil.
EDPR has a further 900MW under construction, of which 598MW is in the US. In Europe, 165MW is being built and 137MW in Brazil.