EDPR presents 2026-28 Business Plan with a strong focus on capturing growth of US power demand
Madrid, November 06th 2025: EDP Renováveis, S.A. (“EDPR”) unveils today its 2026–28 Business Plan in a context of acceleration of electricity demand growth namely supported by strong data centers deployment in US. Key highlights of the plan include:
- Deploy ~€7.5 billion in gross investments between 2026 and 2028 at enhanced returns across solar, wind and battery energy storage systems (BESS), with ~95% of investment in A-rated markets, with a focus in US and Europe representing ~80% of investments, and the weight of US market increasing from ~50% to ~60% of gross investments.
- Install ~5 GW of new clean energy including solar and wind power coupled with BESS capacity with increasing weight of solar and BESS in US and maintaining a significant weight of wind onshore in Europe in the period, always focusing on long term contracted profile through PPAs or CfDs with offtakers such as US utilities, facing strong electricity demand growth, and big techs/ data center operators.
- Continue to recycle capital to create superior value targeting ~€4.5 billion proceeds in asset rotation transactions and average asset rotation gains of ~€0.2 billion per year, complemented by ~€1 billion in disposals to focus on core markets.
- Drive efficiency and agility across the business, maintaining competitiveness with improved nominal core OPEX/Avg. MW from ~€44k/MW to ~€43k/MW, with automation, robotization and AI based assets performance management as growing enablers of efficiency improvements.
- Reiterate EBITDA at ~€1.9 billion in 2025, increasing to ~€2.1-2.2 billion in 2026 and to ~€2.2 billion by 2028 (+15% vs. 2025), mostly supported by strong growth in US (~68% of EBITDA by 2028), and coupled with Net Debt lower by ~€1.5 billion from ~€8 billion in 2025 to ~€6.5 billion by 2028, with Adj. Net Debt/EBITDA down from ~4.3x in 2025 to ~3.2x in 2028.
- Overall, Net Income is expected to double from ~€0.3 billion in 2025 to ~€0.6 billion by 2028 with an improved earnings quality profile, reflected in the high weight of long-term contracted revenues and increasing presence in A-rated markets.
- Stable scrip dividend program over the period with target dividend payout range ~30-50% over 2026-28, providing a flexible and competitive remuneration to shareholders.
Beyond the horizon of this 2026-28 Business Plan, EDPR sees the increase of power demand driven namely by data centers build out in US and Europe enabling accelerated growth based on a diversified pipeline of projects and repricing upside from re-contracting our operational fleet in US, as well as hybridization, wind repowering and BESS opportunities.
This information is disclosed pursuant to the terms and for the purposes of the article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council.
EDP Renováveis, S.A.