The increased capacity is primarily due to the successful integration of Sunseap assets, which now represent 3% of the EDPR’s portfolio.
EDP Renewables (Euronext: EDPR), the fourth largest renewable energy producer in the world, has reached a net profit of 66 million euros in the first quarter of 2022, 75% above the previous year. This figure was partially offset by higher taxes, financials and higher non-controlling interest, among others. EDPR now currently holds a portfolio of operating assets of 14 GW, of which 13 GW fully consolidated and 1.1 GW equity consolidated (Spain, Portugal, US, APAC and Offshore).
For Q1 2022 EDPR added a total of 465 MW of wind and solar capacity, out of which 450 MW fully consolidated, specifically 46 MW in Europe, 3 MW in North American and 401 MW in Asia-Pacific (APAC). Equity consolidated increased by 15 MW due to new solar projects in APAC. Capacity additions were mainly driven by the successful integration of Sunseap assets from APAC, which now represent 3% of the EDPR’s portfolio. Furthermore, in March 2022 EDPR had 2.4 GW of capacity under construction, of which 1.569 MW related to wind onshore and 805 to solar technology.
In the Q1 period, EDPR produced 9.2 TWh of clean electricity (up 14% interannually), avoiding 6mt of CO2 emissions. This interannual evolution benefits from the capacity additions over the last 12 months along with a higher renewable resource.
Also, EDPR achieved a 35% load factor (one percentage point higher than the previous financial year), reflecting a Renewables index 2% higher than the expected long-term average Gross Capacity Factor (up 5 percentage points interannually).
In the words of Miguel Stilwell d’Andrade, CEO of EDP Renewables: “The results reflect our solid growth and our strong positioning as a global market leader. We now have platforms in all key growth regions, our team has grown stronger and more cohesive, and 50% of the capacity targeted under our strategic plan for 2021-2025 has been secured. We are prepared to carry on leading the energy transition”.
EDPR revenues increased to 569 million euros (up 27% interannually), i.e. up 121 million euros from the previous year. This is due to the impact from additional capacity MW (up 79 million euros interannually) along with higher renewable resource (up 20 million euros interannually), positive forex translation and others (up 27 million euros interannually), which were more than enough to offset the negative effect from the average selling price (down 5 million euros interannually) on the back of portfolio mix effect.
Other operating income amounted to 81 million euros (up 65 million euros interannually). Operating Costs (Opex) totalled 241 million euros (up 62 million euros interannually) given higher capacity in operation and upfront costs to cope with accelerate growth. In comparable terms, Core Opex per average MW adjusted by offshore costs, service fees, one-offs and forex increased 13% interannually.
EBITDA summed 394 million euros (a 46% interannual increase) and EBIT 232 million euros (up 83% interannually), a result which was mainly driven by a better top line evolution on the back of excellence operational performance from base portfolio. Net financial expenses increased to 74 million euros (up 20 million euros interannually), with YoY comparison mainly affected by higher debt, higher average cost of debt YoY along with forex translation.
Net profit summed 66 million euros (up 75% interannually), being partially offset by higher taxes, financials and higher non-controlling interests at 61 million euros (up 51 million euros interannually) as a result of positive top-line performance in NCI portfolio.
At the close of March 2022 the Net Debt totalled 4.217 million euros (up 1.282 million euros compared to December 2021), reflecting EDPR’s investment strategy and the recent acquisition of Sunseap, that offsets 365 million euros of asset rotation proceeds cashed in January from a transaction in Portugal.
Institutional Partnership Liabilities summed 1.517 million euros (down 20 million euros compared to December 2021) reflecting benefits captured by the projects.