Revenues and EBITDA grew 18% and 19%, YoY, respectively, in line with strong operating growth and a higher EBITDA margin (75% in 1H 2011). By geographical markets, EBITDA grew 16% in Europe and 22% in the USA.
Net profit for 1H 2010 grew to € 90 million, reflecting the operating performance in the period, the extension of the operating assets’ useful life and the capital gain from the sale of the stake in SEASA. Operational cash flow grew 49% YoY to €353 million in 1H11 and more than covered the €345m 1H 2011 capex.
In the course of the first half 2011, in Spain EDPR assumed full control of wind power GENESA (1.7 GW of wind farm capacity) of which it already held 80%, and won a public tender with 127 MW of wind energy in Aragon. In Romania, the company completed wind turbines project finance for a total of 228 MW and in Brazil for 70 MW. In the UK, EDPR signed a cooperation agreement with Spanish energy company Repsol for the joint development of 2.4GW offshore wind turbines capacity in Scotland. In the United States, EDPR won a long-term contract for 45MW and established a new institutional partnership structure for a further 99MW.