EDPFY Energias De Portugal SA (PK)

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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