Utility EdP-Energias de Portugal (EDP.LB) estimates that wind and hydroelectric power will account for 68% of its investment by 2010, the company said in its investors day presentation on renewables Thursday.
“Wind and hydro will be key value growth drivers for EdP over the next 5 years,” the company said in a statement.
EdP, which recently announced an initial public offering of its renewables unit, said the investment is aimed at developing wind power plants in the U.S., Spain, Portugal, France, Belgium and Poland. It will also finance hydroelectric plants, including 24 mini-hydro plants in Brazil.
EdP also said wind and hydroelectric power will account for 45% of its earnings before interest, taxes, depreciation and amortization, or Ebitda, by 2010.
EdP’s renewables unit, which aims to more than double its installed wind capacity to 7,600 megawatts by 2010, has already contracted 90% of its turbine needs by 2009 and 45% by 2010.
EdP also expects its hydroelectric capacity in Portugal and Spain to grow 36% through 2015.
“In Brazil, EdP is also looking for value enhancing growth opportunities in hydro (power),” the company said.
EdP’s renewable energy holding owns NEO Energia and U.S. wind-power firm Horizon Wind Energy.
