EDP Renewables has reached a net profit of 66 million euros in the first quarter of 2022, 75% above the previous year. 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 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.
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. 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.