EDP Renewables to keep US as top investment market despite offshore wind exit

• EDPR will invest 4.5 billion euros ($5.26 billion) in the U.S. over the next three years, representing about 60% of total company investment through 2028
• The company remains 'very comfortable' with its 50-50 joint venture Ocean Winds with France's Engie, which develops offshore wind projects in multiple countries outside the U.S.
• CEO criticized proposed windfall taxes by Portugal and Spain on electricity producers as making 'no sense' since they are not benefiting from higher natural gas prices driven by the Iran war

Summary

EDP Renewables, the world's fourth-largest wind power producer, will maintain the United States as its primary investment market despite recently exiting the U.S. offshore wind sector, CEO Miguel Stilwell de Andrade announced on May 6.

Key Financial Commitments:

• EDPR is preserving its planned €4.5 billion ($5.26 billion) investment in the U.S. over the next three years
• This U.S. allocation represents approximately 60% of the company's total investment through 2028
• The investment target was originally announced in November

Strategic Partnerships:

The CEO confirmed EDPR remains "very comfortable" with its 50-50 joint venture with France's Engie, called Ocean Winds, which operates and develops offshore wind projects across multiple countries. The company intends to maintain its stake in this partnership.

Policy Concerns:

Stilwell de Andrade criticized plans by Portugal and Spain to impose windfall taxes on electricity producers, arguing these measures "make no sense" since renewable energy companies are not benefiting from elevated natural gas prices driven by the Iran war.

Market Implications:

Despite abandoning U.S. offshore wind—a sector facing economic headwinds—EDPR's commitment to substantial U.S. investment signals continued confidence in American renewable energy opportunities, likely focused on onshore wind and solar projects. The maintained investment level suggests the company views the U.S. market fundamentals as strong enough to offset offshore wind challenges, potentially indicating a strategic pivot toward more economically viable renewable segments in the region.