EDP to free up €2bn through sale of assets over next 18 months

By TPN/Lusa, in Business · 13-03-2019 06:23:00 · 0 Comments
EDP to free up €2bn through sale of assets over next 18 months

Portugal-based utility company EDP aims to free up €2 billion through the sale of assets over the next 18 months, the company's chief executive officer António Mexia announced on Tuesday.

Through the plan, which was unveiled at an investors' meeting in London today, EDP will sell Iberian power assets and has earmarked an investment of €12 billion in the next four years to expand its renewable energy production.

EDP also said it aims to raise €4 billion through an asset rotation programme.

Mexia said during the presentation to investors that EDP was in a "good position" to capitalise on the energy transition, adding that its goal was to have 90% of renewable production by 2030, compared to 66% in 2018.

EDP, which is targeted by China Three Gorges (CTG) with a €9 billion takeover proposal, said it would invest €2.9 billion a year until 2020, a growth of 60% compared to its previous investment plan.


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