Enel Green Power posts 11.1% revenue growth driven by US and Latam markets

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The latest preliminary financial results for Enel Green Power reveal that the Italian renewable energy company achieved an 11.1% increase in revenue year-on-year for 2014.

Reaching total revenues of €3 billion ($3.3 billion), 2014 was a marked improvement on 2013, when revenues amounted to €2.7 billion.

EBITDA earnings totaled €1.9 billion, which was a year-on-year increase of 5.6%, while net financial debt came in at €6 billion euros – a slight increase on 2013’s debt of €5.3 billion.

While wind power remained the dominant revenue driver for the company, solar PV played its part in the 1 GW of additional renewable energy capacity installed in 2014. The majority of Enel Green’s growth came in the U.S. and Latin American markets, with the company rounding out the year with the connection of a 136 MW solar PV plant in Chile.

That project helped confirm Enel Green Power as the second-largest PV developer operating in the Latin America region, said GTM Research solar analyst Adam James, and Enel Green is looking to position itself at the forefront of the downstream solar market in a number of Central and South American countries in 2015.

"Development was almost entirely concentrated in areas posting strong growth in the renewable sector, such as Latin America and the U.S.," said Enel Green Power CEO and general manager Francesco Venturini. "The identification and implementation of new projects was accompanied by targeted initiatives to optimize our portfolio."

At the end of 2014, the company boasted a global renewable energy capacity of 9.6 GW, of which 400 MW was solar PV.