EDP goes for 50GW of renewables additions by 2050, aims to US for solar development

Feb 26, 2021 01:51 PM ET
  • EDP will certainly concentrate on The United States and Canada to ramp up its solar capacity in the following five years as part of a brand-new tactical update that will see the Portuguese energy target more than 50GW of renewables enhancements by 2030.
EDP goes for 50GW of renewables additions by 2050, aims to US for solar development
Image: EDP Renewables via Twitter

The business will invest EUR24 billion (US$ 29.1 billion) by 2025, of which 80% will be on renewables, with a commitment to release 4GW of clean energy annually and double solar as well as wind capacity from 12GW to 25GW.

EDP will certainly also step-up financial investment in the digital improvement of the business and development to supply brand-new options in hydrogen, storage, wise grids, power communities as well as e-mobility.

The utility said the method will pave the way for it to be coal-free by 2025 and also carbon-neutral by 2030.

" This plan is a bold and enthusiastic dedication and also an extraordinary velocity of development in renewables building on our solid track record. The global challenge offered by environment adjustment needs a various attitude, aspiration and also, above all, quantifiable activity," said EDP Chief Executive Officer Miguel Stilwell d'Andrade.

In terms of PV additions, the firm aims to grow its global presence tenfold between 2021 as well as 2025, with approximately 9.3 GW of new ability. At 5.5 GW, the majority is readied to remain in The United States and Canada, where the utility's EDP Renewables device lately got in the distributed solar area with the procurement of a bulk interest in C2 Omega. The calculated upgrade says EDP will certainly aim to develop a "distinctive approach" to commercial as well as industrial solar via a devoted dispersed system in the United States.

In Europe, around 2.4 GW of solar capacity additions are anticipated for the next 5 years, with a concentrate on markets such as Portugal, Poland, Romania in addition to Spain, where the business safeguarded 98MW of PV capacity in the country's renewables auction last month. Somewhere else, 700MW of PV is anticipated to be added to the company's portfolio in Latin America, with an additional 700MW in other markets globally.

Distributed solar handle Brazil

In a different statement, EDP's Brazilian subsidiary claimed it has actually protected a bargain to get dispersed solar assets in Brazil from a local system of AES Corporation for BRL177 million (US$ 32 million).

The offer involves AES Inova, a distributed solar investment platform that holds a portfolio of around 34MWp assets in the states of Rio Grande do Sul, São Paulo as well as Minas Gerais, with jobs at varying phases of advancement.

EDP Brazil said the transaction sees it "enhance its dedication" to invest in dispersed PV, broadening its profile of tasks by around 50% and keeping the section as an "crucial development course".

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