4. ANÁLISIS E INTERPRETACIÓN DE RESULTADOS
4.4 FICHA DE OBSERVACIÓN DE LA MOTRICIDAD GRUESA Y
6.1.3 CARACTERÍSTICAS EVOLUTIVAS DEL NIÑO DE PRIMER
In order to maximize the potential of local content in our projects in UK, we are supporting the development of the local supply chain.
We started to collaborate with the Scottish Government Energy Division, highlands and Island Enterprise, and Scottish Enterprise to enable the enterprise agencies to access appropriate parts of the project’s procurement process. It is expected that the development of this new market will translate into growth and prosperity for the region.
inVOlVing lOCal OPiniOn
Sites of wind farms are selected based on a comprehensive survey taking into account not only technical but also environmental and social considerations. Early engagement with local communities provides valuable understanding of these social considerations and ensures a good and smooth development.
Public consultations are a standard practice for the development of our projects. Public consultations are well attended and receive coverage in the local press.
Furthermore, grievance mechanisms are available to ensure that complaints are properly recorded and addressed. In some particular cases, we decided to take a more proactive approach in this regard and now we rely on the town councils to filter and communicate all the complaints. This increases transparency and shows serious commitment towards solving problems as soon as they arise.
In addition, the interaction with landowners during the development phase is very active and positive, influencing the design of the project. Better engagement practices are always sought. We want to develop a proactive and close management of the relationships with land owners during construction works.
Funding
EDPR’s new funding strategy is supported by three main components: operational cash-flow from installed capacity, proceeds from the execution of our assets rotation strategy and debt from competitive project finance deals.
aSSeT ROTaTiOn STRaTegY
EDPR’s asset rotation strategy leverages on our critical expertise in creating value through the development, construction and operating phases of renewable energy projects. Based on this superior expertise, EDPR is able to transform a project with high risk – when it is in the development and construction phase – into a project with a low risk profile, long useful life and with a stable and visible cash-flow stream.
The sale of minority stakes in our operating portfolio allows EDPR to capture the value created through the phases with higher risk, crystallizing the value of the projects cash-flows and providing valuable proceeds to reinvest in the business.
During 2012, EDPR successfully completed two major asset rotation deals. The first in the US, consisted of the sale of minority stakes in 4 wind farms (599 MW). Whilst the second, in Portugal, was the first of a series of expected transactions with CTG that fall under the strategic partnership signed with EDP.
These and similar transactions are expected to generate proceeds of over 2 billion euros in the 2012-15 period, constituting a significant share of the global funding for this period.
PROJeCT FinanCe
Over the last couple of years EDPR has successfully signed a number of project finance deals for the financing of projects in all of its major geographies. The completion of the agreements allows for EDPR to access an additional source of competitive funding. It also highlights the quality of the projects that have to comply with the strict criteria of banks and other members of the global credit markets.
During 2012, EDPR successfully signed 3 project finance transactions, relating to projects in Spain, Belgium and Romania. The three deals included wind farms accounting for 239 MW and 273 million euros of long-term financing at competitive rates.
OuR FuTuRe
FinanCial
PeRFORManCe
The swift execution of EDPR’s strategy for the 2012-15 period is expected result in top value creation for our shareholders. High cash-flow generation from our growing portfolio of assets, coupled with stronger balance sheet solidity provided by our new funding strategy, are the cornerstones of this plan.
STRaTegiC CORe COMPeTenCeS
and QualiTY PORTFOliO
The starting point for EDPR’s 4 year business plan is its core competencies. These have been crucial for ensuring good operational and financial performance in the past and are expected to remain the drivers of our future growth. The consolidated know-how in development and wind assessment, engineering and construction, and O&M and asset management have all been essential for EDPR’s business performance.
Based on its core knowledge of delivering assets with high net capacity factors and its strategy of a low risk approach to energy prices, EDPR is able to secure premium revenues and superior visibility on its income. Whilst from a costs perspective, the preventive maintenance schemes, good management of warranties and a diversified portfolio of turbines ensure top OPEx ratios. This all adds up to a solid stream of operational cash-flow that is the key to providing shareholder value.
SeleCTiVe gROwTH geneRaTing
STROng CaSH-FlOw
In addition to our current installed based, within the next years we expect the addition of projects that exhibit above portfolio average profitability metrics. Furthermore, as a result of our continuous focus on efficiency, we expect a positive evolution of our main Opex ratios for the whole portfolio. The combination of these effects is expected to produce an increase of 25% in our core profitability metric: EBITDA per average MW in operation. A knock-on effect of our increased profitability should be the positive evolution in EBITDA. This metric is expected to reach 1.35- 1.50 billion euros by 2015. The capacity installed in EDPR’s current growth markets as well as in new markets/technologies will play a significant role in achieving this target.
edpr’s 2015 targets
+25%
increase in EBITDA per Average MW in operation by 2015
1.35-1.50
billion euros EBITDA by 2015
>3x
ToCha (PorTugal, beira liToral region) The Tocha wind farm is part of edPr growing portfolio of assets in Portugal. Since edPr’s inception in 2007, Portugal has been a source of solid growth for the Company. This growth has come via own projects or through its participation in the eneoP – eólicas de Portugal consortium.
* includes capacity attributable to edpr under the eNeop consortium