EDP Commits €12bn to Renewables, Eyes U.S. for Majority of Growth

Post by : Bianca Suleiman

Portugal's biggest energy group, EDP, revealed a €12 billion capital programme for 2026–2028 that prioritises accelerating renewable generation, with a significant concentration on projects in the United States.

The package channels €7.5 billion into EDP Renováveis (EDPR), currently the world's fourth-largest wind operator, to fund wind, solar and battery storage development. Roughly 60% of that deployment is planned for the U.S., with the objective of raising EDPR's installed capacity from about 20 GW today to roughly 25 GW by 2028.

EDP has set aside €3.6 billion for electricity network investments, mainly across Portugal and Spain, aimed at modernising and expanding grid infrastructure. In the first nine months of 2025 the group recorded roughly €2.6 billion of investment activity.

On the earnings front, EDP expects recurring net income around €1.2 billion for the current year, with forecasts of €1.2–1.3 billion in 2026 and close to €1.3 billion by 2028. Recurring EBITDA is projected at €4.9–5.0 billion in 2026, increasing to approximately €5.2 billion by 2028.

Company executives point to rising electricity demand — driven in part by the expansion of U.S. data centres — as a core justification for scaling international renewables investment and for focusing growth outside Europe.

The €12 billion programme reinforces EDP's strategic position in the global energy transition and strengthens its footprint in the North American renewables market.