Italian renewable energy company Enel Green Power posted first quarter net income of 175 million euros, up 2.9% over the same period last year, according to consolidated results presented Thursday. Revenue in the first three months of 2015 rose by 12.6% to 811 million euros, the company added.
Enel Green Power posted EBITDA (earnings before interest, taxes, depreciation and amortization) of 536 million euros (+11.4%%), while net financial debt rose 8% to just over 6.5 billion euros.
Installed capacity rose by 10.1% to 9.8 GW (+11.3%) in the same period, mostly due to investments in the wind and solar sectors.
“We are very satisfied with the results,” CEO Francesco Venturini said. “The increase in installed capacity in high-growth countries such as those in the Latin American area made a particular contribution”.
As well, the company said it plans to invest 9.6 billion euros in 2015-2019, according to its new strategic plan unveiled Thursday. Of the money earmarked for investment, 8.8 billion euros – over 60% more than in the last strategic plan – is allocated to growth. The company also intends to increase its installed capacity by 7.1 GW by 2019. Currently it has an installed capacity of 9.8 GW. EBITDA (earnings before interest, taxes, depreciation and amortization) for 2015 is set at around 1.8 billion euro, but is due to increase to 2 billion euros in 2016 and to 2.1 billion euros in 2017. Geographical and technological diversification will continue to play an important part in company strategy during the 2015-2019 period. However, Enel Green Power will “continue to concentrate on growth opportunities in markets with an excellent potential for development, such as the African continent” and Latin America, CEO Francesco Venturini