EDF reports strong 2013 RE growth

French utility giant EDF revealed three wind farms have so far received finance via its new 'Green Bond', as it reported strong growth in its renewable energy activities in 2013.

EDF Energies Nouvelles (EDF EN) – the group’s renewables unit  – increased its earnings by 23% year-on-year before interest, taxes, depreciation and amortisation (Ebitda).

EDF said that came thanks to a 31% rise in output “as substantial new capacities came on line in 2012, mainly in Canada and the US”.

The group revealed that four EDF EN projects have already seen funds allocated to the tune of €192m ($262.5m) under the auspices of the €1.4bn Green Bond it issued last year – three onshore wind farms and a biogas plant.

Projects have to meet externally-vetted environmental and social criteria to qualify for finance under the bond.

EDF said it again allocated more than one-third of its gross development investments to renewables last year, with EDF EN accounting for €1.45bn.

In 2014 EDF said it expects to see total investments of between €13bn and €13.5bn, without giving a further breakdown.

Outlining its strategy to 2018, EDF said: “The group also intends to continue its investments in the French distribution networks and in renewable energies, in line with its strategy of an integrated electricity company.”

It expects net investments to peak in 2015 at €14bn, and then “decline as new assets become operational”.

The EDF group as a whole delivered a net profit of €3.52bn in 2013, fractionally up on the previous year.

Henri Proglio, CEO of EDF said: “With rising results in line with targets, EDF continued to advance in 2013.

“Good operating performance was highlighted by strong growth in renewable energies, of nearly 23% in France, resulting in an improvement in the Group’s overall output.”