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.