EDPR reports unexpected loss due to heavy impairments in US and Colombia
EDP ???? ?Renovaveis ? ??????????????????????? The world's fourth largest wind power producer posted a net loss of unexpected 556 million euro ($584million) in 2024 due to heavy impairments for projects in the United States, Colombia and other countries, despite revenue increases.
EDPR surveyed analysts who expected a profit average of 272 millions euros.
The company, which is majority owned by Portugal’s EDP, reported that non-recurring charges totaling 777 million euro had a negative impact on the bottom line. This was "mainly due to the U.S. off-shore impairment" and the decision to leave wind farms in Colombia.
EDPR reported that recurring net profits, excluding special items, dropped 53% to a total of 221 million euro.
After making 460 millions euros in 2023, it booked only 179 million euro in capital gains on the sale of stakes to four wind and solar plants. This is part of a strategy of selling mature projects to fund new ones.
It said that electricity sales would grow 4% in 2024 to 2,32 billion euros, with a 6% rise in power generation, to 36,600 gigawatt-hours. This was due to a robust growth in North America, Asia-Pacific and Europe.
Analysts had expected that the EBITDA (earnings before interest, tax, depreciation, and amortization) would be 1.74 billion euro, a drop of 16%.
(source: Reuters)
