Highlights of 2012
On February 29th, Mr. João Manso Neto took over as Chief Executive Officer of EDPR. Member of EDPR’s Board of Directors and Executive Committee since 2008, the CEO has also held numerous Management positions within the EDP group since joining in 2003. In an interview Mr. João Manso Neto commented: “I see my appointment as CEO of EDP Renováveis as an important personal and professional challenge. Intrinsically, renewable energy is the largest area of growth for the coming years, an area to which our shareholders are especially committed to.”
ProJeCT finanCe in SPain
On March 5th, EDPR executed a project finance structure agreement with a consortium of European banks for 125 MW relating to three wind farms in the Spanish region of Catalonia. The 177 million euros long-term contracted debt facility is evidence of EDPR’s top quality projects and its strategy to diversify funding sources at a competitive cost.
STraTegiC Plan Through 2015
On May 22nd, EDPR held in Oporto its Investor Day. This event is the chosen venue to present to shareholders, financial analysts and potential investors EDPR’s Business Plan. EDPR’s strategy for geographical, technological diversification, as well as financial targets for the upcoming years were some of the key topics presented in this event.
aWardS reCeiVed in 2012:
Best Sustainability Deal at the annual EMEA Project Finance Awards.
Best Investor Relations Alternative Energy, by IR Magazine and International Investor.
Top Place to work in both Spain and houston, by Great Place to Work® and the houston Chronicle respectively.
“Best in Show” award by the International Academy of Visual Arts and a SAPO award, for the Online version of EDPR’s 2011 Annual Report.
firST Solar PV ProJeCT
In the third quarter, EDPR started construction of its first solar photovoltaic (solar PV) projects in Romania. These projects mark the entry of EDPR into the solar PV technology, delivering on one of its short-term strategic objectives. The 39 MW projects, that were commissioned the forth quarter, combine a supportive remuneration scheme and a quality irradiance resource.
Managing regulaTory riSk
On September 3rd, the Portuguese wind sector and the Portuguese government reached an agreement that adds visibility to the remuneration of EDPR wind farms under the “old tariff regime”. The agreement broadly extends the remunerations scheme from 15 to 22 years, in return for a per MW investment.
In the third quarter of 2012 EDPR reached a total of 850 employees spread across its 3 main platforms. This highly skilled and diverse workforce is the key of EDPR’s success since its inception. Despite the unfavourable economic environment, EDPR has been able to convert its growth and success into opportunities for the community.
kiCk-off of aSSeT roTaTion STraTegy
On November 6th, EDPR agreed to sell a minority stake in wind farms totalling 599 MW, for a total consideration of 230 million dollars. This deal marked the beginning of the announced asset rotation strategy. EDPR considered this strategy to be key for the execution of its medium/long-term goals, as it allows for the proceeds to be re-invested in the development of value accretive projects.
firST TranSaCTion WiTh CTg
On December 20th, EDPR agreed to sell a minority stake in Portuguese wind farms relating to 615 MW (plus 29 MW ready-to-build), for a total consideration of 359 million euros. This is the first transaction with CTG under its strategic partnership with EDP and provides continuity to the execution of EDPR’s asset rotation strategy. This deal highlights the quality of EDPR’s assets and their low risk cash-flow profile.
building ToP Wind farMS
In the forth quarter EDPR accomplished two significant landmarks. The commissioning of the first wind farms in Italy and the completion of its biggest single-stage wind farm to date, the 215 MW, Marble River wind farm in the state of New york. These projects are part of the 504 MW added to EDPR’s portfolio throughout the year.