EDP Renewables Reaffirms U.S. Commitment Amid Wind Industry Adjustments

Despite pulling out of offshore wind investments, EDP Renewables remains committed to the U.S. as its key market, pledging 4.5 billion euros in investments. The company will maintain a stake in its Ocean Winds joint venture. CEO Miguel Stilwell de Andrade criticized planned windfall taxes in Portugal and Spain.

EDP Renewables, the world's fourth-largest producer of wind power, has reiterated its commitment to the United States as its primary investment market, despite withdrawing from offshore wind projects there. CEO Miguel Stilwell de Andrade confirmed to Reuters on Wednesday that the company will maintain its planned investment of 4.5 billion euros ($5.26 billion) in the U.S. over the next three years, which represents about 60% of EDPR's total investment until 2028.

Stilwell de Andrade expressed confidence in the firm's 50–50 joint venture with France's Engie, known as Ocean Winds. This venture develops and operates offshore wind projects in various countries, and EDPR plans to retain its stake. The CEO also critiqued the proposed windfall taxes on electricity producers by Portugal and Spain, arguing that these taxes are unjustified as producers do not benefit from the increase in natural gas prices spurred by the Iran conflict.

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