At its meeting on 26 July 2010 chaired by Pâris Mouratoglou, the Board of Directors of EDF Energies Nouvelles approved the Group's consolidated financial statements for the first half of the 2010 financial year.
Rise in financial results:
• Revenues: up 28.1% to €545 million
• EBITDA: up 15.2% to €168.9 million (up 33.8% excluding non-recurring items)
Gross capacity in service or under construction in excess of 4,000 MW:
• 4,029 MW in gross capacity installed or under construction at 30 June 2010 (2,915 MW net)
• 285.3 MW gross1 commissioned during the first half
• Solar PV: 142.2 MWp gross installed capacity : up 76 % since 31 December 2009
Objectives confirmed:
• 2010 EBITDA: between €430 and €450 million
• Installed capacity at year-end 2012: 4,200 MW net including 500 MWp in solar capacity
Commenting on this performance, Pâris Mouratoglou, Chairman of the Board of Directors, stated:
'The first half of 2010 was marked by the strong progress in the solar photovoltaic business, which is now fully living up to its intended role as a growth driver alongside wind energy. EDF Energies Nouvelles has recorded another increase in its earnings, which is especially impressive since this year, revenues from the Development and Sale of Structured Assets business will be highly concentrated in the second half of the year. We are right on track to meet our objectives.'
Operational Performance
At 30 June 2010, the Group's installed capacity all segments combined came to 3,183.5 MW gross, up 238.1 MW compared with at 31 December 2009.
Net installed capacity stood at 2,452.6 MW, up 195.6 MW compared with at 31 December 2009.
Wind energy
Wind energy continues to make progress in all target countries. During the first six months of 2010, EDF Energies Nouvelles' wind energy capacity increased by 156.1 MW gross (112.5 MW net). The Group commissioned the final tranches of the Monte Grighine (73.6 MW out of a total of 98.9 MW) project in Italy, the Rusholme wind farm (24 MW) in the United Kingdom, the Skopies wind farm (18 MW) in Greece, an 11.7 MW tranche of the Soma I wind farm in Turkey and the final tranche of the La Ventosa (30 MW out of a total of 67.5 MW) project in Mexico.
Wind energy capacity under construction stood at 604.6 MW gross (318 MW net) at 30 June 2010. Construction of the Lakefield wind farm in the United States (201 MW) is due to begin during the third quarter of this year, with a scheduled commissioning date in the third quarter of 2011.
Solar
The solar energy business maintained its strong momentum. During the first half of the year, EDF Energies Nouvelles commissioned 61.3 MWp in gross (51.8 MWp net) solar photovoltaic capacity, with 27.3 MWp in France, 28.5 MWp in Spain and 5.4 MWp in Italy. In addition, the Group launched the construction of a further 162.3 MWp in capacity.
All in all, at 30 June 2010, solar capacity under construction came to 234.1 MWp gross (138.2 MWp) and is primarily located in France, Italy and Canada.
Other segments
Capacity in the other segments stood at 235.2 MWp gross (187.5 MW net) at 30 June 2010, up 20.7 MWp compared with at 31 December 2009. This change was chiefly the result of the sale of the Energies Antilles (16.7 MW) and Energies Saint-Martin (13.6 MW) thermal power plants during June 2010 and the acquisition of two biogas production units in the United States (equivalent of 50 MW in capacity).
Outlook
EDF Energies Nouvelles is reiterating its 2010 EBITDA target of between €430 million and €450 million, as well as its year-end 2012 installed capacity target of 4,200 MW net, including 500 MWp in solar capacity.
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