Portugal's EDP Renewables will keep the US as its largest investment market despite exiting offshore wind there, its chief executive told Reuters on Wednesday.
The world's fourth-largest wind power producer is sticking with its planned €4.5 billion ($5.3 billion) investment in the US over the next three years, announced in November, which accounts for about 60 per cent of its total spending through 2028.
EDPR said in April that Ocean Winds, its 50-50 offshore wind joint venture with France's Engie, had agreed with US authorities to scrap two early-stage projects off New York and California, raising doubts about its commitment to the market.
"The US is our main market. While we're exiting offshore wind projects there, it clearly remains a core market and the biggest driver of growth," Miguel Stilwell de Andrade said, adding that "the big bet in the US will be on solar and battery energy storage".
EDPR, which operates in 28 countries across Europe, Asia and the Americas, increased installed capacity by two gigawatts in the 12 months to March, with more than half of the growth in North America, lifting total capacity to 20.5 GW.
Stilwell de Andrade said EDPR was "very comfortable" with Ocean Winds and that the group intends to keep its stake.
EDPR earlier on Wednesday reported a forecast-beating rise in first-quarter recurring net profit.
Stilwell de Andrade said plans by Portugal and Spain to impose windfall taxes on electricity producers "make no sense", arguing generators are not benefiting from higher natural gas prices driven by the Iran war.
With renewables dominating Iberian power generation, final electricity prices are largely set by these sources rather than gas-fired plants and are, "not generating excess profits", he said.
Governments should focus on boosting Europe's competitiveness and energy independence by promoting electrification and investment in power grids and renewables, he added.
(Reporting by Sergio Goncalves. Editing by David Latona and Mark Potter)
