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EDP Renovaveis to Spend $4.1 Billion on Wind Through 2015

EDP Renovaveis SA, the renewable energy unit of EDP-Energias de Portugal SA, will spend 3.2 billion euros ($4.1 billion) through 2015 on wind capacity.

It plans to add 2.3 gigawatts of wind generation, including 500 megawatts this year, in markets such as Poland, Romania and Brazil, the unit of Lisbon-based EDP said today in a statement. The company had 7.5 gigawatts of capacity at the end of 2011.

EDP, the former power monopoly, is investing in dams and wind turbines to cut reliance on fossil fuels and tap subsidies for alternative power. EDP says its renewable energy unit is the world’s third-biggest wind power producer. Growth will be based on “a self-financing strategy,” the unit said, and it may pay 25 percent to 35 percent of earnings as dividends from 2013.

EDP Renovaveis rose 5.8 percent to 3.178 euros by the close in Lisbon, paring the loss for the year to 33 percent.

The unit forecast earnings before interest, tax, depreciation and amortization of 1.35 billion to 1.5 billion euros in 2015, compared with 800 million euros in 2011.

Portugal in December agreed to sell 21 percent of EDP to China Three Gorges Corp. for 2.69 billion euros. The Chinese company will also spend 2 billion euros to buy minority stakes in EDP wind farms through 2015 and help with funding. EDP Renovaveis today said it planned sell the equivalent of 20 percent of its capacity to China Three Gorges.

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