EDPR invested over five billion euros in 2022 to accelerate the energy transition, almost doubling gross investment year-on-year. Renewable generation growth and asset rotations completed contributed to recurring net profits of €671 million.

Houston, February 28, 2023 — EDP Renewables (EDPR), the fourth-largest producer of wind and solar energy globally, 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.

2022 was the year in which EDPR decisively expanded its global footprint with the integration of Sunseap and its assets in eight Asia Pacific markets. EDPR also increased its presence in Europe with the acquisition of the solar energy company Kronos and continued to develop key projects in its multiple geographies.

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, more than doubling the levels by the end of the previous year.

EDP Renewables’ debt has increased to 4.9 billion euros by the end of 2022, following the growth in investment in renewable projects that will contribute to accelerate energy transition in the four regions where the company operates – North America, South America Asia Pacific, and Europe. Nevertheless, compared with the position recorded in September 2022 the debt has reduced by €0.6 billion.

Regarding the 2022 dividend, EDPR will propose to its shareholders a flexible program – Scrip Dividend – that will raise EDPR’s payout ratio, providing shareholders a more attractive and competitive remuneration. This proposal will be discussed on the General Shareholders Meeting.

About EDP Renewables North America:

EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 58 wind farms, nine solar parks, and eight regional offices across North America, EDPR NA has developed more than 8,800 megawatts (MW) and operates more than 8,200 MW of onshore utility-scale renewable energy projects. With more than 950 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent. For more information, visit www.edpr.com/north-america.

About EDP Renewables:

EDP Renewables (Euronext: EDPR) is the fourth-largest renewable energy producer worldwide with a presence in 28 markets across Europe, North America, South America, and Asia Pacific. Based in Madrid and with main regional offices in Houston, São Paulo, and Singapore, EDPR has a robust development portfolio with first-class assets and a market-leading operational capability in renewables. These include wind onshore, utility scale and distributed solar, wind offshore (through its 50/50 JV – OW) and technologies complementary to renewables such as batteries and green hydrogen.

EDPR’s employee-centered policies resulted in its recognition as a Top Workplace 2022 in the United States, Top Employer 2022 in Europe (Spain, Italy, France, Romania, Portugal, and Poland) and Brazil, as well as its inclusion in the Bloomberg Gender-Equality Index.

EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain, and Brazil including electricity networks, client solutions, and energy management. EDP – EDPR’s main shareholder – has been listed on the Dow Jones Sustainability Index for 14 consecutive years, recently being named the most sustainable electricity company on the Index.