EDP Renewables (EDPR) ended 2022 with a 2% growth in its net profit to €671 million. EDPR's renewable production increase of 10% 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.
EDPR's EBITDA increased 23% to €2.157 million (+40% excluding asset rotations), with important contributions from the European market (+ 51% YoY), Brazil (+31% YoY) and North America (14% YoY). Revenues grew to €2.4bn (+35% YoY), with 99.5% of the amount aligned with EU taxonomy, the European classification system for sustainable activities.
The company almost doubled its gross investment to €5.1 billion, with an additional 2.1 GW of renewable capacity by 2022 and 4.0 GW under construction. EDP Renewables' debt has increased to 4.9 billion euros by the end of 2022, following the growth in investment in renewable projects. Compared with the position recorded in September 2022 the debt has reduced by €0.6 billion.
