The world's fourthlargest wind energy producer, EDP Renovaveis, cut its investment plan for 202426 by a 5th on Thursday, blaming lower power rates and high funding costs.

Upgrading its technique, the renewables arm of Portugal's. biggest utility EDP said it would now invest 12 billion. euros ($ 13 billion) over the 3 years, down from an initial. plan of 15 billion euros.

The average yearly investment of 4 billion euros is listed below. last year's level of around 4.5 billion euros.

The market has changed significantly in the last 12 months. with forward prices falling considerably in Europe, while. interests rates are most likely to remain greater for longer,. especially in the United States, President Miguel. Stilwell de Andrade informed analysts.

EDPR, which runs in 28 nations throughout Europe, Asia and. the Americas, stated it intended to include 10 gigawatts (GW) of capability. by 2026, or around 3 GW per year. Since March, its set up. capacity was around 16.5 GW.

EDPR shares, which had actually lost around 25% this year, were up. 4.8% in afternoon trading.

The business expects its recurring net revenue to drop to. around 400 million euros this year from over 500 million in. 2023, but sees it recovering to about 700 million euros in 2026.

EDPR said its repeating revenues before interest, taxes,. devaluation and amortisation (EBITDA), which stood at 1.85. billion euros in 2023, were anticipated to reach 1.9 billion this. year and 2.4 billion in 2026.

Its very first quarter net revenue rose 4% to 68 million euros,. simply ahead of expectations as capital gains made on the sale of. wind farms offset falling earnings.