The chief executive of EDP Renewables João Manso Neto, who has been suspended since earlier this year amid on ongoing corruption probe, has officially resigned.

Neto informed the Portuguese company’s board earlier this week of his intention not to make himself available for office from next year.

Group chief executive, Antonio Mexia, who is also suspended, has also resigned.

EDP said it acknowledges the “indelible contribution” of both to the growth and value creation of the company and its stakeholders over the last 15 years.

Shareholders meanwhile said new executives are needed to “convey a strong message to the market that EDP’s strategy and focused growth remain unaltered”.

Neto and Mexia were suspended earlier this year. According to EDP at the time, the moves were “in the context of the judicial procedure investigating the early termination of Power Purchase Agreements regime and transition to the Costs of Maintenance for Contractual regime” as well as “the extension of the hydro public domain right of use”.

The investigation has been ongoing since 2012 and “is related to the alleged favouring of EDP through the obtainment of supposed benefits of €1.2 billion”, added the statement earlier this year.

“EDP reaffirms that regarding these matters there was no irregularity that can be attributed to the company,” the company said, while any claims to the contrary “lack substance”.