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EDF EN's Philippe Crouzat

An interview with the renewable energy group's CFO.

November 4, 2008

"We have predictable cash flow and no risk of a margin squeeze." These days, few finance chiefs are as confident as Philippe Crouzat, CFO of EDF Energies Nouvelles (EDF EN). The renewable energy group, part-owned by the eponymous French utility, enjoys large government subsidies for its products and gets raw materials — namely sunlight and wind — free. In the first six months of this year, it reported a rise in sales of more than 150%, with operating income up nearly 60%. In September, the company raised €500m in an oversubscribed rights issue, one of the few such capital raisings not launched under duress amid the credit crunch. The funds will be used to expand its solar business, contributing to plans for increasing gross installed capacity to 4,000 megawatts in 2012 from 1,700 megawatts today. Read more...

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