EDP to Invest €12B in Renewables, Eyes U.S. Growth by 2028

Portugal’s largest utility, EDP, has unveiled an ambitious €12 billion investment plan spanning 2026 to 2028, with a major focus on expanding renewable energy capacity, particularly in the United States.

The plan underscores EDP’s commitment to sustainable energy, allocating €7.5 billion to its renewable arm, EDP Renováveis, the world’s fourth-largest wind power producer. The investment will target wind, solar, and battery energy storage systems, with roughly 60% dedicated to the U.S. market. This effort aims to increase EDPR’s total capacity from 20 gigawatts today to 25 GW by 2028.

EDP also earmarked €3.6 billion for electricity networks, primarily in Portugal and Spain, reflecting ongoing modernization and expansion efforts. In the first nine months of 2025 alone, the company invested around €2.6 billion.

Financially, the utility expects recurring net income to reach approximately €1.2 billion this year, with projections of €1.2–1.3 billion in 2026 and roughly €1.3 billion by 2028. Meanwhile, recurring EBITDA is forecasted at 4.9–5.0 billion euros in 2026, climbing to around 5.2 billion by 2028.

The strategy comes amid rising electricity demand, driven in part by the growth of data center infrastructure in the U.S., making international expansion a key component of EDP’s long-term growth plan.

This €12 billion roadmap positions EDP as a major player in the global energy transition while reinforcing its footprint in the North American renewable market.