LISBON, March 3 (Reuters) - Portugal's EDP Renovaveis
has raised 1.5 billion euros ($1.8 billion) in an
accelerated capital increase to help fund investment to 2025,
the renewable energy unit of top utility EDP said on
EDP last week announced plans to invest 24 billion euros
($29 billion) in green initiatives, mostly renewable power and
grids in the United States and Europe, over five years, as it
seeks to bring forward its push to go "completely green" by
The plan foresees EDP Renovaveis investing 19 billion euros
to deploy around 20 GW of renewable energy by 2025.
"The proposed capital increase... is to partially finance
EDPR's capex plan," it said in a statement.
EDP Renovaveis placed 88,250,000 shares with institutional
investors, representing 10.1% of existing share capital.
Shares were placed at 17 euros apiece, 9.3% lower than the
18.74 euros EDP Renovaveis shares closed at on Tuesday.
After this capital increase, EDP will lower its stake in EDP
Renovaveis to around 75% from 82.6%.
EDP shares were down 9.29% to 17 euros.
($1 = 0.8281 euros)
(Reporting by Sergio Goncalves; editing by Victoria Waldersee
and Jason Neely)