EDP Renováveis (EDPR) has unveiled plans to invest €20 billion ($22 billion) to deploy 17 gigawatts of renewables until 2026.
To partially finance the updated investment plan, EDPR intends to raise equity through the increase of share capital, the company disclosed. On March 1, EDPR entered into an investment agreement with Lisson Grove Investment, an affiliate of GIC, which committed to subscribe about €1 billion ($1.06 billion) to shares in EDPR.
Under the investment agreement, EDPR has the option to reallocate a portion of that amount to a selected number of institutional investors at the same price agreed with GIC. The commitment by GIC is subject to EDPR’s decision to launch the transaction at an appropriate time, depending on market conditions.