Wind energy EDP Renewables announces its 1Q2011 results

EDP Renewables (EDP Renováveis, Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind farm producer, announced its results for the Q1 2011 period. During the first quarter, the company increased its wind farm capacity by 188 MW. EDPR currently has a total installed wind power capacity of 6.9 GW. The company’s electricity output rose by 21%, driven by strong performance of the US wind turbines assets. Between January and March 2011, EDPR maintained a load factor of 33%, one of the highest in the industry, underlining the quality and diversification of its operational portfolio.

During the first quarter of the year, EDPR’s revenues reached 284 million Euros, showing an increase of 17% while EBITDA margin remained stable at 77% underpinning a 19% rise in EBITDA to 220 million Euros. Net income grew 16% to €49 million, reflecting the company’s strong operational efficiency.

Cash flow, registered at €173 million, represented a year-on-year increase of 18%, confirming the quality of the wind farm portfolio and permitting a €0.2 million reduction of debt.

This quarter was especially important for EDPR thanks to the acquisition in March of Caja Madrid’s 20% minority participation in GENESA for €231 million (to be paid in Q2 2011). Following this acquisition, EDP controls 100% of the company, strengthening its position in the Spanish market. At the end of 2010, Genesa had 1.7 GW in installed wind power capacity and 50 MW under construction. EDPR expects to close 2011 with a diversified portfolio of assets under management totaling 7.5 GW.