EDPR booked earnings before interest, taxes, depreciation, and amortisation of €1600m last year, up 27% on 2018.
The Portuguese developer said annual results, which also showed a 52% bump in net profits to €475m, was down to higher generation figures, a surge in new capacity totalling 888MW as well as a 1GW sale of European assets in July last year.
Revenues increased 7% for the year to €1.8bn while operating costs fell 2% to €575m.
At the end of the year, the company managed a portfolio of operating assets containing 11.4GW of renewables projects with a further 1GW in construction, made up of 664MW of onshore wind and 330MW in offshore.
EDPR chief executive Joao Manso Neto said: “We are very pleased with the results that we are presenting today. Over the past year, we have increased revenues, expanded our operations geographically, such as our project in Colombia, and grown while paring back debt, thanks to a policy of strategic divestments.
“The company has also significantly increased net profit with respect to 2018.”
Looking ahead, he added: “We are steadfast in our commitment to keep growing responsibly and with the clear goals of continuing to generate value for all of our stakeholders, and to make a decisive contribution to the energy transition”.