EDPR includes 465MW of renewables capacity in Q1 following Sunseap acquisition

May 9, 2022 12:33 PM ET
  • EDP Renewables (EDPR) added an overall of 465MW of wind as well as solar capacity in Q1 2022, generally because of its acquisition of Singaporean designer Sunseap, while it recorded a net earnings of EUR66 million (US$ 69.8 million), up 75% on the previous year.
EDPR includes 465MW of renewables capacity in Q1 following Sunseap acquisition
Image: EDP

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 incorporated right into EDPR's portfolio, representing 3% of EDPR's complete assets. Following the purchase, EDPR plans to invest US$ 7.4 billion in the APAC area by 2030.

Madrid-headquartered EDPR, a subsidiary of Portuguese utility EDP, has a 14GW portfolio of running assets across Spain, Portugal, United States and APAC, of which 13GW are fully consolidated and 1.1 GW are equity consolidated.

Furthermore, EDPR had 2.4 GW of capacity unfinished in March-- 805MW of solar PV and also 1,569 MW of onshore wind-- as well as has actually currently secured 50% of its 20GW capacity addition target for its 2021-25 Business Plan. EDPR created 9.2 TWh of clean electricity in Q1, up 14% on last year.

The firm's ordinary market price enhanced 12% year-on-year, generally as a result of higher prices in the Europe. This was particularly the instance in Italy and Poland, EDPR claimed, yet was partially offset by the influence in Spain from financial bushes.

"We currently have systems in all essential growth areas, our group has actually expanded more powerful and also much more cohesive, and 50% of the capacity targeted under our strategic plan for 2021-2025 has actually been protected," said Miguel Stilwell d'Andrade, CEO of EDPR.

On the other hand, EDPR posted a net revenue of EUR66 million (US$ 69.8 million) in Q1 2022, up 75% on the exact same period last year. The amount was partially offset by "greater tax obligations, financials and also higher non-controlling rate of interest", EDPR said.

The firm brought in EUR569 million (US$ 602 million) of revenue in Q1, up EUR121 million (US$ 128 million) from the previous year. EDPR stated the jump in revenue was to raised capacity, higher renewable energies as well as favourable forex translation.

EDPR's operating earnings came to EUR81 million (up EUR65 million on last year), while opex expenses completed EUR241 million (up EUR62 million year-on-year). The business claimed this was due to "greater capacity in operation and also upfront prices to cope with accelerated development". Its opex/MW changed by offshore costs, service fees, one-offs as well as forex boosted 13% on last year, EDPR stated.

By the end of March, the company's net financial debt amounted to EUR4.2 million (up EUR1.3 million contrasted to December 2021). EDPR claimed this showed its investment strategy and also current acquisition of Sunseap "that offsets EUR365 countless asset turning proceeds cashed in January from a deal in Portugal".

In North America, EDPR moms and dad business EDP is planning to increase its solar capacity in the next five years as part of a new tactical update that will see it target more than 50GW of renewables enhancements by 2030.

The company will certainly invest EUR24 billion (US$ 29.1 billion) by 2025, of which 80% will be on renewables, with a commitment to deploy 4GW of clean power per year and dual solar and also wind capacity from 12GW to 25GW.

Solar Installers, Manufacturers