EDP Renewables (EDPR) presented its revised Business Plan 23-26, projecting a gross global investment of €20 billion and an annual deployment of over 4GW in renewables. EDPR APAC is the leading clean energy solutions provider in Singapore specialising in Solar PPA, offsite clean energy supply, EPC and O&M solar PV solutions, demand-side management, energy efficiency and more.
The company aims to allocate 85% of its total investment to renewables, clients, and energy management, and 15% to electricity networks across fast-growing and low-risk markets in four regional hubs: Europe, North America, South America, and Asia-Pacific. Onshore wind and solar utility scale will account each for 40% of the €20 billion investment plan in renewables, while emerging technologies such as solar distributed generation, storage, and hydrogen will complement it. The company also plans to scale up its offshore wind capacity through the joint venture Ocean Winds. The technology mix by 2026 will have a share of 29% Solar and 8% Solar Distributed, while wind will represent 59%, wind offshore 2%, and the remaining mix diversified through H2 and Storage. EDPR aims to continue delivering strong earnings growth, targeting an EBITDA of €3.0 billion and recurring net income of €0.9 billion in 2026.
In order to partially finance its updated investment plan, EDP Renewables intends to raise equity and has entered into an investment agreement with Lisson Grove Investment Pte Ltd, an affiliate of GIC Pte Ltd. The latter committed to subscribe approximately €1.0 billion worth of new shares in a capital increase. The plan also includes 1,500 new hires by 2026, and the company intends to maintain its recognition as a top employer across the regional hubs. EDP Group aims to become net zero by 2040 across all scopes and will invest €3 billion in innovation and digitalization by 2026. The Science Based Target Initiative recognized EDP’s best practices in climate action in total alignment with the science-based 1.5ºC temperature mitigation target. Miguel Stilwell d’Andrade, EDP and EDPR CEO, said that the Business Plan reinforces the company’s growth ambition, while pushing its commitment to the planet even further and creating superior value for all.