Enel Green Power revenue flat for 2015, EBITDA falls 5.3%

Share

Enel Green Power (EGP), the Italian renewable energy developer, has posted its 2015 financial results that reveal a stable 12 months for the company.

Revenue for the year hit €3 billion, which matched the revenue achieved in 2014. However, EBITDA earnings were just €1.8 billion, which was a slight, 5.3% decrease on 2014. According to the company, this decline was a reflection of the decreased income from disposals of investments and the paying out of numerous redundancies or early retirement packages largely among some of EGP’s domestically based staff.

For the year, EGP’s net financial debt totaled €6.9 billion, rising €900 million in the space of 12 months – an increase attributed by the company to installed clean energy capacity in line with the company’s projections.

Over the course of the year, the company added 1.5 GW of new clean energy capacity – the majority of it wind power although here were some notable solar gains – which served to increase EGP’s global clean power capacity by 9% to 10.5 GW.

Of this total, EGP has slightly more than 500 MW of solar power installed around the world.

"The sale of our Portuguese assets as well as the creation of a solar PV joint venture in Italy are an example of EGP’s flexibility in quickly addressing our portfolio and adapting it to changes in global scenarios," said EGP general manager and CEO Francesco Venturini.

"Furthermore, we took significant steps forward in new markets such as Asia through our entry in India, as well as Africa with an additional 500 MW of solar to be developed in South Africa." The CEO added that EGP is developing new models and tests for off-grid solutions and storage in some of the world’s underserved regions for grid-connected power.