Portugal

Portugal

EDP outlines plans to become more renewable

Over 70% of EDP's electricity generation will be from renewable sources by 2022, the company said while laying out its strategic plans.

EDP wants to have 5.5GW of new onshore wind capacity by 2022
EDP wants to have 5.5GW of new onshore wind capacity by 2022

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EDP’s CEO António Mexia is also targeting up to 5.5GW of new onshore wind capacity and 300MW of offshore capacity, principally in the company’s North American markets, over the next three years. 

Improved regulatory visibility for renewable development in Portugal, Spain, USA and Brazil makes this a low-risk strategy, Mexia said.

Investment in renewables will be accompanied by sales, mainly of Iberian thermal and merchant assets, which will raise an estimated €2 billion by 2022.

According to company CFO Miguel Stilwell, strong market appetite will ensure the success of EDP’s strategy of asset rotation raising a further €4 billion to cover half of EDP’s planned investments up to 2022.

Mexía lamented the fact China Three Gorges proposed acquisition of EDP and regulatory disputes with the Portuguese government have "blurred the company’s message" as a successful pioneer of the energy transition.

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