EDP Renovaveis announced its Q1 2009 results. Compared to Q1 2008, the company increased

         Its gross profit from €156m to €198m (+27%)

         Its EBITDA from €126m to €154m (+23%)

         Its net income from €27m to €50m (+87%)

 

Operating in 6 different countries (USA, Spain, Portugal, Brazil, France and Belgium), it confirmed its installed capacity target for 2009: 1.2 to 1.3 GW (50% in the USA, 50% in Europe).

 

EDP Renovaveis said it renegotiated its contracts with its suppliers in Q1 2009 and obtained a 5-6% discount on global costs (including turbines, transportation, paying condition). Moreover, while its Capex/MW installed increased the past 3-4 years in the USA, the company is currently negotiating better PPA prices for its new installed turbines.

 

EDP Renovaveis still does not give Revenue or EBITDA guidance for 2009, but is confident for 2009: its cost of debt fell from 5.0% to 4.6% between Q1 2008 and Q1 2009, 1.2GW are currently under construction and should benefit from the cash grant program for all its turbines commissioned in 2009 in the USA.  

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