EDPR year-end with 16.6 GW of installed renewable capacity, an increase of 12% compared to year-end 2022
The company has added 2.5 GW of renewable capacity throughout 2023, close to 1.5 GW of which corresponds to solar utily-scale projects, in line with the targets set out in its 2023-2026 business plan.
The commissioning of hybrid projects in Portugal, Poland and Spain, as well as the implementation of 16 MW of storage in the United States demonstrate its commitment to new avenues of growth.
EDP Renewables remains on track with its Business Plan and in 2023 added 2.5 GW of installed renewable assets worldwide, reaching a total capacity of 16.6 GW, through an acceleration of sustainable investment. In the fourth quarter of 2023, EDPR achieved a record installation of an additional 1.7 GW.
Of this capacity, close to 1.5 GW is from solar utility-scale and 1 GW from onshore wind. While wind power remains a core business for EDPR, these figures reinforce the company's strong commitment to the development and implementation of solar projects. In the 2023 financial year, EDPR has added solar capacity also thanks to innovative technologies such as hybridization of renewable assets, where solar plants have been connected to existing wind farms in Portugal, Spain and Poland. The company has also brought new large-scale solar capacity into operation in Europe, the United States and decentralized solar in all regions where it is present. In 2023, EDPR has also reinforced its commitment to emerging technologies by commissioning a 16 MW energy storage project in the United States.
By 2024, EDPR expects to add more clean energy capacity to reach more than 4 GW of additional installed capacity, of which 85% is under construction and 15% is expected to start construction in the coming months. Also, of this capacity, around 80% is located between Europe and the United States.
In the 2023 financial year, EDP Renewables has continued to implement its asset rotation strategy set out in the 2023-2026 business plan, as it allows it to accelerate the creation of value in its assets, as well as facilitating the reinvestment of capital for renewable growth in new projects. Thus, the solid execution of the asset rotation strategy has led to the conclusion of three operations for a total of 0.7 GW of capacity distributed in Spain, Poland and Brazil.
However, EDPR's financial results at year-end 2023 have been penalised by non-recurring factors, such as the "El Niño" weather phenomenon, which affected wind power production in the US, as well as the non-recurring financial impact associated with delays in projects under development in Colombia and regulatory costs in Romania and Poland. Recurring EBITDA amounted to €1,845 million, while recurring net profit was €513 million.
In this period, EDPR's net debt stood at €5.8 billion, reflecting increased investments to accelerate the energy transition. Annual net investment amounted to €4.8 billion in 2023, with 80% of Capex invested between Europe and North America.
In terms of shareholder remuneration policy, EDPR's Board of Directors has decided to propose at the next General Shareholders' Meeting a renewal of the "Scrip Dividend" programme introduced last year. The company will propose to its shareholders again a flexible programme that raises EDPR's payout distribution, providing shareholders with a more attractive and competitive remuneration.
The company's commitment to carbon neutrality is reflected in the generation of 34.6 TWh of electricity through 100% clean energy in the twelve months of 2023, a year-on-year increase of 4%. EDPR has managed to avoid 20.4 million tons of CO2 emissions.
EDP Renewables is actively working to decarbonize the economy by accelerating its deployment of renewables and diversification of the technology mix. EDPR has 4.4 GW of capacity under construction, of which more than 60% is solar, and 0.2 GW is storage co-located with another renewable asset.