Neoenergia increases Q1 net profit by 20%

Neoenergia Chafariz wind park. Image by Neoenergia.

April 28 (Renewables Now) - Brazilian utility company Neoenergia SA (BVMF:NEOE3) saw its first-quarter (Q1) net profit go up by 20% on the year to BRL 1.2 billion (USD 239.4m/EUR 226.2m).

Cash earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 60% to about BRL 2.4 billion when compared with Q1 2021. The company said capacity additions made the jump possible, more specifically the commissioning of 15 wind parks from the Chafariz wind power complex, for a combined capacity of 467.77 MW, and the delivery of lots Neoenergia acquired in the April 2017 tender.

The Q1 gross profit climbed by 31% to BRL 4.2 billion.

The Brazilian subsidiary of Spain's Iberdrola SA (BME:IBE) has a total of 44 wind farms, 7 hydropower plants (HPPs) and two solar parks in operation and under construction. Its renewable energy investments in Q1 reached BRL 808 million.

(BRL 1 = USD 0.200/EUR 0.189)

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