EDP to Commit €12bn Through 2028, Majority Directed to U.S. Renewables

Portugal's largest utility, EDP, has outlined a €12 billion investment programme covering 2026–2028, aimed primarily at accelerating its renewable energy expansion with a notable focus on the United States.

EDP has allocated €7.5 billion to its renewables arm, EDP Renováveis (EDPR), the world's fourth-largest wind operator. The funding will back wind, solar and battery storage projects, with roughly 60% of the planned investment earmarked for the U.S. market. EDPR intends to raise its installed capacity from about 20 GW today to 25 GW by 2028.

Another €3.6 billion of the package is reserved for electricity networks, mainly in Portugal and Spain, reflecting continued network upgrades and expansion. In the first nine months of 2025, EDP recorded investments of approximately €2.6 billion.

On the financial front, the company expects recurring net income of around €1.2 billion this year, with forecasts of €1.2–1.3 billion for 2026 and roughly €1.3 billion by 2028.

Recurring EBITDA is projected at €4.9–5.0 billion in 2026, rising to about €5.2 billion by 2028.

The investment plan responds to growing electricity demand — partly fuelled by the expansion of data centres in the U.S. — and positions EDP to strengthen its role in the global energy transition and expand its footprint in North America.

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EDP to Commit €12bn Through 2028, Majority Directed to U.S. Renewables

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