Brazil

Revenues increased six-fold

Top-line in the Brazil went up six-fold year-on-year to 45 million real in line with the electricity output growth in the year.

In Brazil, the GWh produced in 2011 reached 170 GWh, having increased an impressive six-fold as a result of an increase in installed capacity from 14 MW in 2010 to 84 MW. This followed the commissioning of 70 MW in May together with a strong wind resource (the net capacity factor increased from 26% to 35% in 2011).

The average selling price for 2010 was R$278.4/MWh, 9% higher vs. 2010. The production generated from the 84 MW installed in Brazil is fully contracted under the PROINFA renewable energy incentive program, through a 20-year PPA with Eletrobrás, providing visible and attractive returns.

The 2011 EBITDA in Brazil increased to 30 million real, while the EBITDA margin reached 67% given the rump-up phase of the Brazilian operations throughout 2011 and the controlled increase in the operating costs in 2011 to 15 million real.