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EDP anticipates €30 million in payments to more than 1,200 SME

Saturday 28, March 2020

Advance payments to suppliers are just one of the several measures the company has put in place in response to the current pandemic. In addition to this, EDP has approved three other initiatives for the purchase of medical supplies and equipment.

EDP has decided to anticipate the payment of more than €30 million to about 1,200 suppliers - mostly small businesses and SMEs; these payments were due only in May, but will be paid in April. This measure is intended to help suppliers withstand the current pandemic and make sure these businesses have the liquidity to pay their workers and maintain their activities and jobs.

Aware of the emergency signs caused by the impact of Covid-19, EDP has sought from the outset to adopt measures that could help citizens and companies face this exceptional situation. As such, in addition to the decision to anticipate payments to suppliers, EDP was the first company to suspend power cuts to residential and small business customers during this period, thus providing additional support in this difficult situation.

EDP, which maintains its commitment to investing about €1 billion in Portugal, will keep looking for opportunities to have a positive impact on the value chain by injecting liquidity into the national economy.

EDP funds medical equipment in Portugal, Spain and Brazil

In order to participate in the collective effort to tackle the coronavirus pandemic, EDP has decided to purchase materials and equipment for several hospitals and medical teams. Overall, EDP has decided to invest €1.5 million in the purchase of medical equipment for health care facilities in Portugal, Spain and Brazil.

One of these initiatives involves the donation of €500,000 for the purchase of essential materials designed for the protection of patients and medical staff against the new coronavirus. The list includes 500,000 face masks, over 20,000 respirator masks, and 10,000 protection suits. This equipment will now be delivered over the first three weeks of April.

EDP had already announced a partnership with China Three Gorges (CTG) that will offer 50 ventilators, 200 hospital monitors and assorted medical equipment to Portuguese hospitals. This equipment is expected to arrive at the Portuguese embassy in Beijing early next week, after which it will be shipped to the Ministry of Health in Lisbon, which will then decide how to allocate it.

The EDP Foundation in Spain will pledge more than €40,000 for the production of 15,000 liters of alcohol-based hand sanitizer, a product that has been instrumental in strengthening prevention and safety measures against the coronavirus. In this public project, which involves several Spanish businesses, EDP's contribution will make it possible to purchase bioethanol and cover the costs of other components and transport. Production will start as early as next week and will prioritize distribution among Spanish security forces.

EDP Brasil has also joined this collective effort last week by approving the donation of R$6 million (over €1million) to help purchase 345 ventilators for hospitals across the state of São Paulo. With this contribution - the highest among the various partners involved in the initiative - EDP has covered 25% of the costs of this equipment.