EDP Renewables triples profits to €342 million

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Greater capacity and an assets selloff enabled EDP Renewables to triple its profits to €342 million for the first nine months of 2019.

An increase in installed capacity, positive exchange rates and a selloff of group assets enabled the energy giant that specialises in wind turbine energy to triple on the €115 million results reported for the same period in 2018.
As a result of upping capacity (+3%), a higher average sale price (+5%), a positive exchange rate impact (with €34 million), greater wind turbine resources (+€11 million) and 10 years of tax equity benefits (Savings of €27 million), revenues have increased to €1.364 million (+10%) on last year states EDP Renewables in a statement sent to the stock market commission CMVM.
The company led by João Manso Neto also point out the €267 million from “other operational gains” related to the sale of a share in a portfolio of 997 MW ( 491 MW net for EDPR)”. On the other hand, operational costs have fallen 3% to €422 million.
“Non controllable interests for the period were €113 million, a reduction of €1 million compared to the first nine months of 2018 as a result of improved operational performance from its wind parks and from the division of aspects of its European portfolio which were offloaded in the third quarter of 2019.”
EDP Renewables net debt has fallen since December last year to €3.058 million registered at the end of September this year.