EDF Energies Nouvelles announces steep rise in interim results

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EDF Energies Nouvelles has announced its financial statements for the first half of 2009, claiming strong acceleration of growth in the PV segment.

During this period, EDF Energies Nouvelles commissioned 6.8MWp in gross (6.1MWp net) solar photovoltaic capacity, primarily in Italy and the United States. At the same time, construction of 93MWp in new solar capacity was launched principally in France, Spain and Canada. At the end of June 2009, the Group had a total of 144MWp in gross solar capacity in service or under construction, compared with 50MWp gross at year-end 2008.

The drive of the solar segment has already enabled EDF Energies Nouvelles to achieve its objective of 100-150MWp in service or under construction, a target that was originally set for the end of the year.

First-half 2009 revenues moved up to €413.8 million, an increase of 33.7% compared with the first half of 2008. Net financial expense worked out at €51.8 million, compared with €21.5 million in the first half of 2008. By the end of the six-month period, consolidated shareholders’ equity came to €1,528 million, up from €1,491 million at year-end 2008.

EDF EN’s net debt stood at €1,838.5 million compared with the €1,218 million posted at the end of 2008. This increase was mainly due to investments in the first half and the increase in the Working Capital Requirement.

The group confirms its 2009 EBITDA target of between €280 million and €300 million, as well as its year-end 2012 installed power target of 500MWp in solar capacity.

Commenting on this performance, Pâris Mouratoglou, Chairman of the Board of Directors, stated, “The beginning of 2009 marked a strong acceleration in EDF EN’s photovoltaic segment. Close to 100MWp in projects were launched during the first half, including several large-capacity solar farms in France, Spain and Canada. We are already ahead of our 2009 objectives in this segment. As we announced a year ago, the solar segment has become the second engine of EDF EN’s growth alongside wind energy, the potential of which remains intact.”

EDF Energies Nouvelles also recently signed a strategic partnership agreement with thin-film giant, First Solar, to set up a plant in France dedicated to EDF EN, providing the company with a sourcing channel for its solar projects in France.

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