Portugal’s largest utility, EDP (Energias de Portugal), announced plans to invest 12 billion euros (US$13.99 billion) between 2026 and 2028, with a strong focus on expanding its renewable energy capacity, particularly in the United States.
Under its new 2026-2028 strategic plan, EDP aims to reinforce its position as a global leader in clean energy. About 7.5 billion euros of the total investment will be allocated to EDP Renovaveis (EDPR) — the world’s fourth-largest wind energy producer — for the development of wind, solar, and battery storage projects, with around 60 percent of the investments directed toward the U.S. market.
EDPR’s installed renewable capacity is expected to grow from 20 gigawatts (GW) currently to 25 GW by 2028, supporting rising electricity demand fueled by the expansion of data center infrastructure in North America.
EDP plans to invest 3.6 billion euros in electricity networks, mainly in Portugal and Spain, to strengthen grid resilience and support the transition to cleaner energy systems.
In the first nine months of 2025, EDP invested approximately 2.6 billion euros and reported recurring net profit of 974 million euros. The company expects its recurring EBITDA to reach around 4.9 billion euros in 2025, increase to 4.9–5 billion euros in 2026, and rise to about 5.2 billion euros by 2028. Recurring net income is projected to be 1.2 billion euros in 2025, rising modestly to 1.3 billion euros by 2028.
To fund part of its investment plan, EDP plans to generate 5 billion euros through asset rotation — selling stakes in mature renewable projects to reinvest in new developments — and another 1 billion euros from non-core asset disposals by 2028. The company expects to keep net debt steady at 16 billion euros through 2026, before reducing it to 15 billion euros by 2028, maintaining a low-risk portfolio.
EDP reported installed renewable capacity of 19.8 GW and a 14 percent year-on-year increase in wind and solar generation. However, average selling prices fell 9 percent year-on-year to 54 euros per megawatt hour, mainly due to lower prices in Europe, normalization of hedges, and reduced feed-in tariffs in Portugal.
Despite challenges in hydro generation due to reservoir recovery, EDP said it continues to maintain competitive operational efficiency and a strong commitment to its net-zero goals while expanding its global renewable footprint.
Baburajan Kizhakedath