EDPR Shares Rise on 2023-26 Strategy Plan
March 02 2023 - 4:54AM
Dow Jones News
By Giulia Petroni
EDP Renovaveis SA's shares rose on Thursday after the Portuguese
renewable energy company set out a plan to push green growth in
2023-26.
At 0909 GMT, shares trade 5% higher at EUR20.30
Under the business plan, EDPR plans gross investments of around
20 billion euros ($21.34 billion) in the period, mainly directed
toward onshore wind and solar. It also aims to ramp up growth to
more than 4 gigawatts a year, for a total of around 17GW of
additions between 2023 and 2026 and nearly doubling its wind and
solar installed capacity by 2026 versus 2020 levels.
To support the growth plan, EDPR aims to launch a capital
increase of around EUR1 billion, subject to corporate approvals and
favorable market conditions, it said.
Recurring net income is targeted at around EUR900 million by
2026, with a compound annual growth rate of around 9% in 2022-26.
Earnings before interest, taxes, depreciation and amortization are
seen at approximately EUR3 billion by 2026, also with a CAGR of
around 9% for 2022-26.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 02, 2023 04:39 ET (09:39 GMT)
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