LISBON, Feb 17 (Reuters) – Portugal’s largest utility, EDP-Energias de Portugal (EDP.LS), on Thursday reported an 18% drop in net profit in 2021 to 657 million euros ($747 million). dollars) mainly due to one-time costs, including write-downs on thermal assets in Iberia.

He said these non-recurring negative effects amounted to 169 million euros.

Its recurring net income increased by 6% to 826 million euros, boosted by “a good performance in renewable energies at the global level, the integration of Viesgo in Spain and the growing activity of the networks in Brazil”, specifies-t. he in a statement.

EDP ​​acquired Viesgo in December 2020, doubling its presence in the Spanish electricity distribution market.

“The objectives are clearly achieved (…) we meet the objectives set on a recurring basis and we have the lowest debt in 14 years,” Andrade’s managing director Miguel Stilwell told a press conference.

A year into EDP’s new business plan, he said the company is showing steady growth, despite challenges including the impact of supply chain issues that have delayed some solar projects.

Gross capital expenditure rose 20% to 3.5 billion euros year-on-year, while net debt fell 6% to 11.6 billion euros.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 6% to 3.72 billion euros, while recurring EBITDA increased by 7%.

EDP’s wind and solar unit, EDP Renovaveis (EDPR.LS), posted an 18% rise in net profit on Wednesday to 655 million euros and its EBITDA increased by 6%, while the unit Brazilian company Energias do Brasil announced a 43% increase in its net profit to 377 million euros.

In December, 81% of EDP’s 21.3 gigawatts (GW) of installed capacity came from renewable sources. It added 2.6GW of capacity last year and the CEO said an additional 20GW of solar and wind capacity would be commissioned by 2025.

EDP’s business plan called for an unprecedented investment of 24 billion euros between 2021 and 2025 in renewable energy and networks in the United States and Europe as it seeks to become “completely green” from here 2030.

Reporting by Sergio Goncalves; edited by Andrei Khalip and Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.