EDP Renováveis SA, the renewables subsidiary of Portugal's leading utility, EDP – Energias de Portugal SA (ELI:EDP), revealed its financial performance for the first nine months of 2023. The company reported a commendable 12% year-on-year surge in recurring net profit, amounting to EUR 467 million (USD 495.9 million). Despite this robust profit growth, EDP Renováveis faced a 3% decrease in recurring earnings before interest, tax, depreciation, and amortization (EBITDA), totaling EUR 1.44 billion.
EDP Renováveis' positive financial results were primarily attributed to increased production, driven by expanded operational capacity and gains from asset rotation deals in Spain and Poland. However, the company also grappled with challenges, such as reduced wind production in the United States and non-recurring regulatory adjustments in Europe.
During the reporting period, EDP Renováveis achieved a noteworthy increase in its total installed capacity, adding more than 0.8 gigawatts (GW) to reach a global capacity of 15.1 GW. The company also reported ongoing progress, with 5.2 GW of capacity under construction.
The company's performance underscores its resilience in the renewable energy sector, navigating a complex landscape marked by both opportunities and challenges.
