EDPR net profit rises 18% to 655 million euros in 2021
- A record 2.6 GW of new capacity was added this year, reaching a portfolio of 13.6 GW.
- The company is making steady progress in its strategic plan and is progressively approaching its 20 GW growth target set out in its 2021-25 business plan.
- EDPR has continued to successfully implement its asset rotation strategy, with higher than expected capital gains.
EDP Renewables (Euronext: EDPR), the world's fourth largest renewable energy producer, has achieved a net profit of 655 million in 2021, 18% more than in the previous year. At the end of 2021, the company manages a portfolio of 13.6 GW, of which 12.5 GW are consolidated and 1.1 GW equity consolidated (Spain, Portugal, USA and Offshore).
In the full year, EDPR added a total of 2,584 MW of wind and solar capacity out of which 2,273 MW fully consolidated, specifically 682 MW in Europe, 1,204 MW in North America, 359 MW in Brazil, and 28 MW in APAC. Equity consolidated increased by 311 MW on the back of offshore projects that entered in operation. These figures reflect the company's progressive progress towards its goal of reaching 20 GW additions by 2025.
Pursuing its Asset rotation strategy, in the US, EDPR successfully concluded the sale of an 80% equity stake in a 405 MW operational wind portfolio, the sale of an 80% equity stake in a 200 MWac solar project and the sale of a 100% equity stake in a 302 MW wind B&T project. In Europe, EDPR successfully concluded the sale of a 100% equity stake in a 221 MW wind portfolio in Portugal. All in all, EDPR YoY consolidated portfolio net variation was +1,411 MW.
As of Dec‐21, EDPR had 1.8 GW of capacity under construction, of which 1,592 MW of wind onshore and 232 MW of solar.
In the year, EDPR produced 30.3 TWh of clean electricity (+6% YoY), avoiding 18mt of CO2 emissions. The YoY evolution benefits from the capacity additions over the last 12 months along with a fairly stable renewable resource.
Miguel Stilwell d'Andrade, CEO of EDP and EDP Renewables, said: "Despite the difficult context in which we have had to operate during 2021, EDPR has achieved record growth. These figures reflect our steady progress towards achieving the targets set out in the strategic plan. Our strong international presence, together with a solid business development strategy and a renewed and committed management team, places us in a privileged position to continue driving our global leadership".
Financial results
EDPR reported total revenues of €1,758 million in 2021, 2% higher than in the previous year. It is noteworthy that the impact from additional capacity MW (+€198m YoY) along with higher average selling price (+€33m YoY; ex-Sell-down), were not offset by the slightly lower renewable resource (- €12m YoY), Sell-down transactions and unfavourable forex translation.
EBITDA summed €1,760m (+6% YoY) and EBIT €1,151m (+9% YoY) mainly driven by higher capital gains partially offset by top line performance in North America on the back of the US weather one-off event in the 1Q, lower average renewable resource in US and unfavourable forex translation.
As of Dec-21, the company’s Net Debt totalled €2,935m reflecting the investment strategy compensated by the Capital increase received in April and asset rotation proceeds.