EDPR upbeat on US renewables market, sees profitable growth and new opportunities

• EDPR secured 1.4 GW of new U.S. capacity since Washington accelerated phase-out of renewable tax credits in July, with significant growth expected in coming months
• Company forecasts U.S. renewable generation to grow at 8% compound annual rate between 2025-2030, with renewables surpassing natural gas for first time in March (over one-third of electricity generation)
• U.S. contract prices continue rising and are 'well above previous cycles,' supporting strong returns; company is upgrading old wind farms and positioning for data center power demand

Summary

EDP Renovaveis (EDPR), the world's fourth-largest wind power producer, remains optimistic about the U.S. renewables market despite policy headwinds from the Trump administration's rollback of renewable energy incentives.

Key Developments:

• Since July, when Washington accelerated the phase-out of tax credits, EDPR has secured 1.4 gigawatts of new U.S. capacity
• CEO Miguel Stilwell de Andrade expects "significant growth in coming months"
• The company plans to invest €4.5 billion ($5.3 billion) in the U.S. over the next three years, representing approximately 60% of total capital expenditure

Market Position:

• The U.S. accounts for roughly 50% of EDPR's 20.5 GW total installed capacity
• EDPR forecasts U.S. renewable generation will grow at a compound annual rate of 8% between 2025-2030
• Renewables accounted for over one-third of U.S. electricity generation in March, surpassing natural gas for the first time

Strategic Focus:

• Contract pricing remains "well above previous cycles," supporting strong investment returns
• The company is upgrading aging wind farms to boost output, extend lifespan, and improve returns
• EDPR is positioning itself to capitalize on surging power demand from data centers

Management Outlook:

The CEO cited robust demand growth, attractive power purchase agreement pricing, and disciplined execution as factors supporting continued profitable growth, despite regulatory challenges. Market fundamentals remain strong with additional value creation opportunities emerging.