EDF Energies Nouvelles Revenue Doubles on Wind Power

By Tara Patel

Nov. 6 (Bloomberg) -- EDF Energies Nouvelles SA, the renewable-energy company partly owned by Electricite de France SA, said third-quarter sales doubled as it kept its earnings outlook amid worsening financing conditions.

Sales rose to 319 million euros ($410 million) from 160 million euros a year earlier, the Paris-based company said today in an e-mailed statement. It kept its target for earnings before interest, tax, depreciation and amortization of ``at least'' 200 million euros this year and maintained an outlook of installing 4,000 megawatts by the end of 2012.

``The current financial crisis has affected the depth of the financing markets on both sides of the Atlantic'' with higher bank margins and delays in arranging loans, Chairman Paris Mouratoglou said in the statement. The company is able to ``maintain access'' to credit with ``reasonable terms and conditions.''

EDF Energies Nouvelles is installing wind capacity in North America and the European Union, where lawmakers have called for renewable sources to provide a fifth of the bloc's energy by 2020. The company is 50 percent owned by Electricite de France, Europe's largest power generator.

The company's net installed capacity on Sept. 30 was 1,284.4 megawatts, with 429.6 megawatts in the U.S.

Sales from the business developing and selling wind farms rose to 342 million euros in the first nine months of the year from 146 million euros a year earlier, the company said. Sales from wind power generation rose 24 percent to 161 million euros since the beginning of 2008 from the same period last year, the statement said.

EDD Energies Nouvelles raised 500 million euros in September to boost development of solar power. The capacity target includes 500 megawatts of solar power.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net