EDP Renewables reported net profit of 671 million Euro, up 2 percent in 2022

EDP Renewables (EDPR), the fourth largest producer of wind and solar energy globally, ended 2022 with a 2 percent growth in its net profit to 671 million Euro.

EDPR’s renewable production increase of 10 percent and the asset rotation strategy supported these results, despite higher financial and operational costs compared to 2021, with greater pressure on the cost of debt and higher expenses with suppliers and services. The sale of five renewable portfolios – in Spain, Poland, Italy, Brazil, and the US – generated gains of 424 million Euro. 

EDPR’s EBITDA increased 23 percent to 2.157 million Euro (+40 percent excluding asset rotations), with important contributions from the European market (+ 51 percent YoY), Brazil (+31 percent YoY) and North America (14 percent YoY). Revenues grew to 2.4 bn Euro (+35 percent YoY), with 99.5 percent of the amount aligned with EU taxonomy, the European classification system for sustainable activities.

2022 was the year in which EDPR expanded its global footprint with the integration of Sunseap and its assets in eight Asia Pacific markets. EDPR also increased its presence in Europe with the acquisition of the solar energy company Kronos and continued to develop projects in its multiple geographies.

The company almost doubled its gross investment to 5.1 billion Euro, with an additional 2.1 GW of renewable capacity by 2022 and 4.0 GW under construction, more than doubling the levels by the end of the previous year.