EDP Renovaveis to invest EUR 600m in wind, solar power this year - report

Feb 27, 2014 - EDP Renovaveis (ELI:EDPR), the green energy arm of Portuguese power utility EDP (ELI:EDP), plans to invest some EUR 600 million (USD 819.2m) in the construction of wind farms and photovoltaic plants in 2014, CEO Joao Manso Neto told business daily Diario Economico.

Priority this year will be given to the USA where 300 MW of new wind power capacity will be installed. The USA will account for 70% of the total investments. Further 200 MW will be installed in Portugal, Italy, France and Poland.

In the solar power field, EDP Renovaveis intends to set up 30 MW in California and 2 MW in Portugal.

The company, which is present in 10 markets, is considering to set foot in Mexico as well.

EDP Renovaveis yesterday reported a 7% year-on-year net profit growth to EUR 135 million for 2013. Revenues rose by 6% to EUR 1.356 billion.

(EUR 1.0 = USD 1.365)

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