Renewable energy firm EDPR sticking to US plans despite tax credit cuts
Republican lawmakers want to repeal renewables incentives
CEO says company not changing its installation targets
LISBON, - EDP Renovaveis, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said.
The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act.
Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible.
"For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday.
EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027.
"The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said.
The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added.
"Let's see what comes out of the Senate," he said.
Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption.
EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.
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