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EDPR CEO upbeat United States renewables legislation won't deal with major cuts under Trump

EDP Renovaveis, the world's No. 4 wind energy manufacturer, is optimistic that U.S. renewable energy legislation will not deal with substantial cuts under Donald Trump's new presidency, its CEO said on Wednesday.

Miguel Stilwell d'Andrade said that the U.S. eco-friendly energy sector in fact experienced strong development during Trump's. initially presidency and numerous major tidy energy investments are. located in Republican states.

So, our company believe that the benefits these states have actually gained. under the Inflation Reduction Act (INDIVIDUAL RETIREMENT ACCOUNT) make unlikely the. legislation will deal with significant cuts ... I continue to see. strong development in the United States, he told a call with. analysts.

The United States is EDPR's biggest market by installed. capability, with around 8 gigawatts (GW), or practically half of the. Portuguese company's total.

Trump has vowed to scrap offshore wind tasks through an. executive order on his first day in office and to roll back. environment 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 governmental election.

(source: Reuters)