EGP steady ahead of 'challenges'

Italian renewables giant Enel Green Power held sales and profits steady in the first quarter of what it said will be a “challenging 2014”.

EGP posted a net profit of €170m ($232m) for the January to March period, up 15% on the same stage last year.

At €481m, the group’s operating profit before interest, tax, depreciation and amortisation (Ebitda) was flat year-on-year, on quarterly sales 2.6% up at €720m.

EGP‘s capacity stood at 8.86GW at the end of March, up from a year-ago 8.1GW.

Publishing its quarterly report today, the Italian group said most of its wind additions came in Iberia and the America, while new PV plants in Italy and Romania accounted for the bulk of its solar growth.

EGP told investors it faces a “challenging 2014” in which it will have to respond to falling European prices and unfavourable policy measures.

But it added: “Enel Green Power has developed a strategic plan that provides for expanding its installed capacity primarily in the emerging economies, with a balanced mix of generation technologies.”