EDP (Energias de Portugal), the country’s largest utility and a leading player in the global renewable energy sector, has unveiled a strategic investment plan of €12 billion ($13.99 billion) for 2026-2028. The majority of this investment will support renewable energy growth, with a strong focus on expanding capacity in the United States, the company announced on Thursday.

Under the new plan, EDP aims to accelerate the development of wind, solar, and battery storage projects through its renewable subsidiary, EDP Renovaveis (EDPR) – the world’s fourth-largest wind energy producer. Approximately 60% of EDPR’s €7.5 billion investment is projected to be deployed in the U.S. alone. The company expects to increase its global renewable capacity from 20 gigawatts (GW) today to 25 GW by 2028.

EDP reaffirmed its recurring EBITDA target of around €4.9 billion for 2025, with expected growth to up to €5.2 billion by 2028. Recurring net income is forecasted at €1.2 billion in 2025, rising slightly to around €1.3 billion by 2028.

Despite a strong year-to-date performance of its stock — surging more than 36% — shares in EDP fell 4.5% in morning trading following the announcement.

The Lisbon-based energy group, operating across 29 countries in Europe, the Americas, and Asia, attributes its new investment strategy to rising global electricity demand, particularly driven by the growth of data centers in the United States.

EDP plans to invest an additional €3.6 billion into electricity network infrastructure in Portugal and Spain. To help fund its ambitious investment program, the utility expects to raise €5 billion through asset rotation and an extra €1 billion through the sale of non-core assets by 2028.

EDP also reaffirmed its commitment to shareholder returns, maintaining a dividend payout ratio of 60%-70% of net income, and plans to increase the minimum dividend by 5% to €0.21 per share by 2028.

Net debt is projected to remain stable at €16 billion through 2026, before easing to €15 billion by 2028 as the company continues to focus on a low-risk investment portfolio.