LISBON (Reuters) - EDP Renovaveis , the world's fourth-largest wind power producer, posted an unexpected net loss of 556 million euros ($584 million) in 2024 on heavy
EDPR Reports Unexpected Loss Amid US and Colombia Impairments
LISBON (Reuters) - EDP Renovaveis , the world's fourth-largest wind power producer, posted an unexpected net loss of 556 million euros ($584 million) in 2024 on heavy one-off impairments on projects in the United States and Colombia, even as revenues increased.
Analysts polled by EDPR expected an average profit of 272 million euros.
The company, majority owned by Portugal's EDP, said the bottom line was hit by non-recurring charges worth 777 million euros, "mainly explained by the U.S. offshore impairment" as well as the decision to exit from wind farms in Colombia.
EDPR said recurring net profit, excluding one-offs, fell 53% to 221 million euros.
It also booked just 179 million euros in capital gains from the sale of stakes in four wind and solar projects – part of its strategy of selling mature plants to finance new ones – after making 460 million euros in 2023.
Electricity sales grew 4% to 2.32 billion euros in 2024, supported by a 6% increase in power generation to around 36,600 gigawatt-hours (GWh) due to robust growth in North America and Asia-Pacific, it said.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell 16% year-on-year to 1.53 billion euros, below the 1.74 billion euros expected on average by analysts.
($1 = 0.9514 euros)
(Reporting by Sergio Goncalves, editing by Andrei Khalip)
