Latest news with #EDPR


Reuters
30-07-2025
- Business
- Reuters
Wind power company EDPR's profit drops 56% due to reduced gains from asset sales
LISBON, July 30 (Reuters) - Wind energy producer EDP Renovaveis' ( opens new tab first-half profit fell by 56% compared with a year ago, despite an increase in power production, as it sold fewer assets, it said on Wednesday. EDPR, the world's fourth biggest producer of wind energy, said it booked only 12 million euros ($13.87 million) in capital gains from the sale of wind and solar parks - part of a strategy of disposing of stakes in mature plants to finance new ones - in the first half, compared to 171 million euros a year ago. It has said it expects to book more capital gains in the second half and its share price rose by around 1% at the market open. Net profit at EDPR, which is the renewables arm of Portugal's main utility EDP's ( opens new tab, said net profit dropped to 93 million euros, below the 118 million euro average analysts polled by LSEG forecast. Excluding the reduced gains from asset sales, EDPR said recurring net profit rose by 80 million euros, reflecting a "significant improvement in the profitability of the operating asset portfolio, driven by increased electricity production levels and improved operational efficiency". Revenues grew 18% to 1.4 billion euros, supported by a 12% increase in power production to 21.2 terawatt-hours, with North America representing 60% of total generation output and Europe 27%, it said. Consolidated earnings before interest, tax, depreciation and amortisation fell year-on-year by 1% to 948 million euros, in line with forecasts. Excluding capital gains, recurring EBITDA grew 20%. EDPR, which operates in 28 countries across Europe, the Americas, and Asia, said that in June its installed capacity was 19.6 gigawatts, up 3 GW from a year ago. The United States represented around 44% of its total installed capacity, placing the North American region at over 50%, while Europe accounted for 35%. EDPR said it has 2.3 GW of capacity under construction "that are on track and within budget, supporting the expected capacity additions of around 2 GW in 2025". ($1 = 0.8660 euros)


Reuters
02-07-2025
- Business
- Reuters
European renewable energy companies' shares rise after revised US senate bill
July 2 (Reuters) - Shares in European renewable energy companies rose on Wednesday after the U.S. Senate passed on Tuesday a revised budget bill that was more positive for the wind industry compared to an earlier version. "Last-minute changes provide significantly better conditions for the wind industry compared to the previous draft," Sydbank analysts say in a research note. Shares of Danish wind turbine manufacturer Vestas ( opens new tab were up around 9% at 0745 GMT, while its German peer Nordex ( opens new tab rose some 3%. Danish offshore wind developer Orsted ( opens new tab and Portuguese renewable energy firm EDP Renovaveis ( opens new tab were up between around 3% and 4%. German utility RWE ( opens new tab, which is also the world's second-largest developer of offshore wind farms, inched about 1% higher. German solar power parts supplier SMA Solar ( opens new tab jumped about 9% to its highest price since March.

ABC News
23-06-2025
- Business
- ABC News
European developers inch closer to building WA's first offshore wind farm
Two major European multinationals are close to being awarded feasibility licences for Western Australia's first offshore wind farm. EDF power solutions Australia — part of the French government's EDF Group — said it was behind a proposal titled Bunbury Offshore Wind Farm North, which received preliminary approval from federal Energy Minister Chris Bowen earlier this month. Mr Bowen said the project would create 900 construction jobs and 450 ongoing jobs, and generate 1.5 gigawatts of energy. It equates to about one-tenth of the entire zone's estimated capacity, and about 3 per cent of the additional generation expected to be needed by 2042. EDF's second proposal for the southern part of the zone, Bunbury Offshore Wind Farm South, was also shortlisted alongside a project called Westward Wind. Industry insiders have told the ABC Westward Wind belongs to Ocean Winds — a joint venture between Spain's EDP Renewables and France's ENGIE. Ocean Winds said it could neither confirm nor deny its involvement. The two shortlisted proposals will have to resolve the geographic overlap between them in order to progress. Perth-based Wind with Purpose also applied for a licence in partnership with the UK's Barrington Energy, but was rejected. The race to build a wind farm off WA's south-west coast has been a test of endurance since the federal government named Bunbury as one of six proposed offshore wind zone locations in 2022. Faced with significant financial and regulatory headwinds, an initially eager pool of at least nine interested developers whittled itself down to three. One early proponent forced to pull the plug, Copenhagen Energy, warned at the time the process would favour larger multinationals less willing to engage the local community. The prediction appears to have been at least somewhat accurate — both EDF and Ocean Winds are large multinational companies, and neither has an office in WA. However both developers have demonstrated sustained interest in the Australian market, having previously applied to work on similar projects on the east coast. Ocean Winds was recently approved for a feasibility licence in Gippsland, Victoria, while EDF's application to work on Newcastle's offshore wind zone was unsuccessful. EDF told the ABC it welcomed the minister's "preliminary" decision to approve its proposal for the Bunbury zone, and was "committed to a responsible and consultative development process". "This marks an important step in progressing a project that has the potential to support WA's energy transition and deliver long-term benefits for local communities, industry and the regional economy," a spokesperson said. Back home in Europe, both power providers have faced growing political resistance on the renewable energy front. In France, the conservative Opposition recently pushed through a moratorium on new solar and wind projects, while recent blackouts in Spain have put a target on the back of novel energy sources. While the Bunbury offshore wind farm has its own detractors in parliament and the local community, and the WA government remains on the fence. Labor's decisive victory in this year's federal election has provided some security to developers that the sector has a future in Australia. Wind with Purpose said it was disappointed by the government's decision to reject its Catalpa Offshore Wind Farm proposal, which was focused on powering the Kwinana Rockingham Industrial area. It was the only developer to have signed an equity ownership agreement with local Aboriginal corporation Gnaala Karla Booja (GKB). The company has until early July to appeal the decision. "We're working through that process at the moment," chief executive and co-founder Chris Kearney said. "It's certainly a little disappointing but there are a couple of areas we need to address … [so] we're still hopeful. "The government was impressed and pleased by the partnership we've established [with GKB] … they don't just want to see developers ticking the box to say they've engaged with traditional owners." The government said applicants were assessed based on a range of factors, including their technical capacity and financial situation. The final decision on feasibility licences will depend on the outcome of consultations with First Nations groups, including Gnaala Karla Booja.


Bloomberg
17-06-2025
- Business
- Bloomberg
EDPR to Shift Focus Within Asia to ‘High-Growth Markets'
EDP Renewables SA is shifting its focus within Asia-Pacific toward 'high-growth markets' such as Japan, Australia and Taiwan, a spokesperson said in a statement. The green energy unit of Portuguese utility EDP SA wants to 'optimize EDP's portfolio in the region by focusing on markets with strong fundamentals for renewables,' the spokesperson said. They added that there was 'recognized uncertainty in the sector.'


Mint
17-06-2025
- Business
- Mint
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
EDPR plans to install up to 1.75 GW in new capacity in U.S. Republican lawmakers want to repeal renewables incentives CEO says company not changing its installation targets LISBON, - EDP Renovaveis, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.