EDP to spend ₤ 13bn in UK renewables by 2030

Oct 19, 2021 07:07 PM ET
  • EDP Renewables (EDPR) is aiming to seal its position in the UK renewables market, with strategies to spend ₤ 660 million over the next 5 years.
EDP to spend ₤ 13bn in UK renewables by 2030
Image: EDP Renewables

This comes as part of a larger commitment to spend ₤ 12.86 billion in the UK by 2030, as well as adheres to the company entering the UK onshore market through the acquisition of two renewable resource portfolios in July with a mixed forecast capacity of 544MW. Of this, 118MW is solar presently under development, with the rest being a 5MW operating wind farm, 192MW of wind projects under sophisticated phase of growth as well as 229MW of wind under advancement.

The procurement of these portfolios reinforces the business's presence in the UK, EDPR stated, by branching out and also matching its currently established offshore operations, where it currently has 1GW of gross ability under construction and 900MW under development, by means of Ocean Winds, a joint endeavor had 50/50 by EDPR and ENGIE. Ocean Winds has actually already seen ₤ 2.65 billion of financial investment, which is different to the ₤ 12.86 billion introduced today (19 October).

In order to take on the projects it presently has under way in the UK, EDPR has a delegation of around 150 people in the country, with 120 of these being concentrated on creating offshore projects.

"We have a recognized placement in the offshore market, now enhanced by our entry right into onshore and also we will certainly explore any additional possibilities that enable us to remain to play a leading role in the UK's power change," stated Miguel Stilwell d'Andrade, chief executive officer of EDP as well as EDPR.

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