Portuguese utility EDP is planning to pour €24 billion ($29 billion) into renewable power and grids in the United States and Europe over the next five years, according to Reuters.
EDP said it is planning to dial up its annual investment to €4.8 billion ($5.8 billion) through 2025, a significant increase from 2020’s €2.9 billion ($3.5 billion). The investment plan is part of a major push to go completely green by 2030 and reach carbon neutrality 20 years earlier than previously planned. The company is also planning to ditch coal-fired generation by 2025.
EDP said it will partially finance the investment plan through a capital raise of between €1.5 billion and €2 billion (between $1.8 billion and $2.4 billion) through its subsidiary, EDP Renewables.
