EDP Renewables (EDPR) added a total of 465MW of wind and solar capacity in Q1 2022, mainly due to its acquisition of Singaporean developer Sunseap, while it recorded a net profit of €66 million (US$69.8 million), up 75% on the previous year.
The company added 401MW in APAC, 46MW in Europe and 3MW in North America. APAC capacity additions were driven by EDPR’s acquisition on Sunseap in February, with the Singaporean developers assets integrated into EDPR’s portfolio, representing 3% of EDPR’s total assets. Following the purchase, EDPR intends to invest US$7.4 billion in the APAC region by 2030.
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Madrid-headquartered EDPR, a subsidiary of Portuguese utility EDP, has a 14GW portfolio of operating assets across Spain, Portugal, US and APAC, of which 13GW are fully consolidated and 1.1GW are equity consolidated.
Moreover, EDPR had 2.4GW of capacity under construction in March – 805MW of solar PV and 1,569MW of onshore wind – and has already secured 50% of its 20GW capacity addition target for its 2021-25 Business Plan. EDPR produced 9.2TWh of clean electricity in Q1, up 14% on last year.
The company’s average selling price increased 12% year-on-year, mainly due to higher prices in the Europe. This was particularly the case in Italy and Poland, EDPR said, but was partially offset by the impact in Spain from financial hedges.
“We now have platforms in all key growth regions, our team has grown stronger and more cohesive, and 50% of the capacity targeted under our strategic plan for 2021-2025 has been secured,” said Miguel Stilwell d’Andrade, CEO of EDPR.
Meanwhile, EDPR posted a net profit of €66 million (US$69.8 million) in Q1 2022, up 75% on the same period last year. The sum was partially offset by “higher taxes, financials and higher non-controlling interest”, EDPR said.
The company brought in €569 million (US$602 million) of revenue in Q1, up €121 million (US$128 million) from the previous year. EDPR said the jump in revenue was down to increased capacity, higher renewable resources and favourable forex translation.
EDPR’s operating income came to €81 million (up €65 million on last year), while opex costs totalled €241 million (up €62 million year-on-year). The company said this was due to “higher capacity in operation and upfront costs to cope with accelerated growth”. Its opex/MW adjusted by offshore costs, service fees, one-offs and forex increased 13% on last year, EDPR said.
By the end of March, the company’s net debt totalled €4.2 million (up €1.3 million compared to December 2021). EDPR said this reflected its investment strategy and recent acquisition of Sunseap “that offsets €365 million of asset rotation proceeds cashed in January from a transaction in Portugal”.
In North America, EDPR parent company EDP is planning to increase its solar capacity in the next five years as part of a new strategic update that will see it target more than 50GW of renewables additions by 2030.
The company will invest €24 billion (US$29.1 billion) by 2025, of which 80% will be on renewables, with a commitment to deploy 4GW of clean energy per year and double solar and wind capacity from 12GW to 25GW.