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EDP Renewables recurring profit more than doubles on US growth, capital gains

By Reuters News

LISBON, Nov 5 (Reuters) - EDP Renewables EDPR.LS, the world's fourth-largest wind power producer, said on Thursday its nine-month recurring net profit more than doubled year-on-year, boosted by strong US growth and higher capital gains.

  • The renewables arm of Portugal's EDP EDP.LS said recurring net profit, excluding one-off items, rose to €439 million ($493 million) in the first nine months, from €189 million a year earlier, in line with analysts' consensus compiled by LSEG.

  • In a statement, it said recurring earnings before interest, taxes, depreciation and amortisation increased 23% year-on-year to €1.7 billion between January and September.

  • EDPR said recurring EBITDA was driven by portfolio expansion, mainly in the US, and higher asset rotation gains, which climbed to €333 million from €59 million a year earlier as the company sold stakes in mature renewable assets to help fund new projects.

  • EDPR added 0.7 GW of capacity over the past year, nearly three-quarters in the United States, lifting total capacity to 20.5 GW.

  • EDPR's electricity generation increased 2% to 30.9 TWh, as a 9% rise in North America, spanning the United States, Canada and Mexico, outweighed declines of 7% in Europe and 11% in South America.


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