EDP, a Portugal-based electric utility company, will invest €24 billion (~$29.10 billion) in the energy transition to double its solar and wind capacity from 12 GW to 25 GW by 2025.
The company expects to become coal-free by 2025 and go all green by 2030, EDP Group. It also aims to have a 50 GW of renewable capacity for moving production from 74% renewables to 100% renewables by 2030.
EDP will enhance its investment in renewables in Europe and North America. It will invest 80% of total investment in renewables, 15% in networks, and 5% in client solutions and energy management. The company aims to increase its global footprint ten-fold in solar generation.
The company will also invest €2 billion (~$2.42 billion) to provide new solutions for storage, smart-grid, hydrogen, energy communities, electric-mobility, and the digital transformation of its business by 2025.
Recently, EDP launched two business units to exploit the potential of green hydrogen and energy storage systems. The H2 business unit would be the group’s new arm for the development of new hydrogen projects. While The storage unit would aim to achieve a storage capacity of 1 GW within five years
EDP said the ambitious growth would drive its earnings before interest, taxes, depreciation, and amortization (EBITDA) to €4.7 billion (~$5.69 billion) in 2025.
Miguel Stilwell d’Andrade, Chief Executive Officer of EDP Group, said, “This plan is a bold and ambitious commitment and unprecedented acceleration of growth in renewables building on our strong track record.”
Last month, EDP Renewables, a renewable arm of EDP, secured a portfolio of six solar and wind projects with a total capacity of 143 MW in the latest Spain auction.
Mercom had earlier reported that EDP Renewables and ENGIE combined their existing and planned offshore wind projects to form a new company, Ocean Winds. After launching OW in Europe, the two companies unveiled the U.S. arm of this new company, OW North America.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.