Portuguese utility EDP Energias de Portugal said on March 12 it planned to raise more than 6 billion euros through asset sales to fund its expansion in renewable energy. More than 4 billion euros would come from the sale of majority stakes in businesses, the company said, without specifying which ones.
In a strategic update EDP also said it would invest 12 billion euros between 2019 and 2022, with a focus on North America and Europe. According to the company, this amounts to a 60 percent rise in annual capital expenditure from the 2016-2020 targets: from 1.8 billion euros to 2.9 billion euros. Portugal’s biggest company also said it would bring its net debt-to-EBITDA ratio below three times by 2022.
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