EDPFY Energias De Portugal SA (PK)

   By Giulia Petroni 
 

EDP-Energias de Portugal SA on Thursday unveiled its strategic plan for 2021-2025, saying it aims to invest 24 billion euros ($29.17 billion) in clean energy over the period.

The Portuguese energy player said it will direct its investments mainly toward renewables in key markets in Europe and North America as it aims to become carbon neutral by 2030.

The plan is expected to raise its earnings before interest, taxes, depreciation and amortization to EUR4.2 billion in 2023 and EUR4.7 billion in 2025, while net income is seen at EUR1 billion in 2023 and EUR1.2 billion in 2025. Both figures are adjusted by disposed portfolios in 2020.

EDP's annual capital expenditure is anticipated at EUR4.5 billion in 2023 and EUR4.6 billion in 2025.

The company targets a dividend floor of EUR0.19 a share with a payout between 75% and 85%, it said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 25, 2021 05:45 ET (10:45 GMT)

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