In This Article:
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Installed Capacity: 19.3 gigawatts as of December 2024, with a record annual addition of 3.8 gigawatts.
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Generation: Increased by 6% year on year to 36.6 terawatt hours.
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Average Selling Price: Decreased by 3% year on year to EUR58.9 per megawatt hour.
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Adjusted Core OpEx: Reduced by 9% per average megawatt in operation.
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Recurring EBITDA: EUR1.7 billion, a 9% increase year on year.
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Asset Rotation Gains: EUR179 million, lower by EUR281 million compared to the previous year.
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Net Debt: EUR8.3 billion as of December 2024, an increase of EUR2.5 billion from December 2023.
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Net Profit: Recurring net profit of EUR221 million.
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Tax Equity Proceeds: Record $1.2 billion in the US, with $900 million received in Q4.
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Capacity Additions: 3.8 gigawatts in 2024, driven by solar and storage projects.
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Financial Results: EUR373 million in 2024, with a 28% improvement quarter-on-quarter.
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Expansion CapEx: Approximately EUR4 billion, contributing to the increase in net debt.
Release Date: February 26, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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EDP Renovaveis SA (EDRVF) achieved a record annual capacity addition of 3.8 gigawatts in 2024, aligning with their guidance.
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The company reported a 9% reduction in adjusted core OpEx per average megawatt in operation, reflecting efficiency improvements across regions.
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Recurring EBITDA increased by 9% year on year to EUR1.7 billion, driven by higher electricity sales and effective cost control strategies.
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EDP Renovaveis SA (EDRVF) closed a record $1.2 billion in tax equity proceeds in the US, with $900 million received in the fourth quarter.
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The company successfully normalized the US solar supply chain, overcoming previous delays and installing 0.2 gigawatts of batteries from co-located projects.
Negative Points
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The average selling price of electricity decreased by 3% year on year to EUR58.9 per megawatt hour, impacted by lower market prices in Europe.
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Net debt increased to EUR8.3 billion as of December 2024, driven by expansion CapEx and financial investments.
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EDP Renovaveis SA (EDRVF) faced a significant non-recurring impact on net profit due to impairments related to Colombian wind projects and US offshore projects.
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The company experienced lower asset rotation gains compared to the previous year, impacting overall financial performance.
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There is regulatory uncertainty in the US, which poses challenges for future project planning and execution.
Q & A Highlights
Q: With the new trajectory on capacity addition and asset rotation, will this be enough to bring net debt to a sustainable level by the end of 2026? A: Miguel De Andrade, CEO, mentioned that they plan to provide a broader business plan update later in the year, likely post-summer, to address longer-term projections. Rui Manuel Rodrigues Lopes Teixeira, CFO, added that they expect an improvement in operational cash flows and contributions from asset rotation and tax equity, which should help reduce net debt, though no specific number was provided.