-- EDP has halted three US wind projects worth billions, citing policy risks, while still targeting up to $5.2 billion Ebitda by 2028, Bloomberg reported Thursday, citing EDP's CEO.
Chief Executive Officer Miguel Stilwell d'Andrade said EDP has scaled back activity on three wind projects across Massachusetts, New York, and California, reducing staffing and delaying spending due to unclear US policy direction.
Stilwell d'Andrade shared in an interview at the company's headquarters that the projects are effectively paused, noting they are in "hibernation mode" as the company avoids committing capital until conditions improve, the report said.
Stilwell d'Andrade said the firm was fortunate not to have begun construction, unlike peers, allowing it to sidestep potential financial exposure.
The projects are managed through Ocean Winds, a joint venture with Engie, and the CEO dismissed speculation about exiting the partnership, the report added.
Policy changes under US President Donald Trump have stalled renewable energy momentum, including halting approvals for windmills and tightening financing conditions tied to new legislation, the report said.
The administration has also hinted at revisiting prior approvals, while recent moves allowed firms like TotalEnergies to exit offshore leases, redirecting roughly $1 billion toward fossil fuel investments, the report added.
Despite setbacks, EDP continues engaging with US authorities and maintains a strong footprint, with about $17 billion invested and more than 12 gigawatts of installed renewable capacity nationwide, the report said.
The company sees robust electricity demand driven by data centers in both the US and Portugal, while reaffirming financial goals supported by $12 billion in planned investments through 2026, the report added.
has reached out to EDP for any comments.
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