EDPR CEO upbeat US renewables legislation won't face major cuts under Trump
LISBON, Nov 6 (Reuters) -EDP Renovaveis EDPR.LS, the world's No. 4 wind energy producer, is optimistic that U.S. renewable energy legislation will not face "substantial cuts" under Donald Trump's new presidency, its CEO said on Wednesday.
Miguel Stilwell d'Andrade said that the "U.S. renewable energy sector actually experienced strong growth during Trump's first presidency and many major clean energy investments are located in Republican states".
"So, we believe that the benefits these states have gained under the Inflation Reduction Act (IRA) make unlikely the legislation will face substantial cuts ... I continue to see strong growth in the United States", he told a call with analysts.
The United States is EDPR's largest market by installed capacity, with around 8 gigawatts (GW), or almost half of the Portuguese company's total.
Trump has vowed to scrap offshore wind projects through an executive order on his first day in office and to roll back climate regulations implemented under President Joe Biden.
EDPR shares were down 10.84% in afternoon trading, in line with other clean energy utilities in Europe, which plummeted after Trump's victory in Tuesday's presidential election.
Reporting by Sergio Goncalves;
Editing by Mark Potter
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