SEIZING THE MOMENT. EDP Energias de Portugal is making good use of the renewable energy valuation bubble. The Iberian energy group’s majority-owned 15 billion euro green-power subsidiary, EDP Renovaveis, raised 1.5 billion euros on Wednesday to help pay for its plans for 20 gigawatts of new solar and wind capacity by 2025. The timing could be better: EDPR shares have fallen by a quarter from their peak in January. However, they are still up by nearly two-thirds since the start of 2020, as investors bet on massive green investment as part of Covid-19 recovery plans. In all, EDPR reckons it’s going to need 19 billion euros to finance its green growth. Most will come from internal cash flow or selling stakes in existing projects. The question is whether all that investment will pay off. Utilities and other investors are all pouring money into renewable assets, bidding up prices and depressing returns. Total boss Patrick Pouyanné has even warned of a bubble. EDP is smart to tap investors sooner rather than later. (By Ed Cropley)