EDP to add 50GW of Renewables with €24 billion Investment by 2030

Energy sector company, EDP has announced a plan to invest €24 billion for investment in the energy transition. Around 80% of this investment will be in renewables, improving its portfolio across technologies – wind, solar, hydrogen and storage, with a commitment to deploy 4GW per year and double solar and wind capacity by 2025.

February 26, 2021. By News Bureau

Energy sector company, EDP has announced a plan to invest €24 billion for investment in the energy transition. Around 80% of this investment will be in renewables, improving its portfolio across technologies – wind, solar, hydrogen and storage, with a commitment to deploy 4GW per year and double solar and wind capacity by 2025, thereby helping it to become carbon neutral by 2030. 

Apart from its 80 percent investment from the €24 billion, 15% will be invested in Networks and 5% in Client Solutions & Energy Management.

Commenting on its strategic update, Miguel Stilwell d’Andrade, CEO of EDP commented, “This plan is a bold and ambitious commitment and unprecedented acceleration of growth in renewables building on our strong track record. The global challenge presented by climate change requires a different mindset, ambition, and, above all, measurable action. For EDP, it’s not just about powering communities, it’s about empowering our communities, to live more sustainable lives.”

In order to deliver new solutions across hydrogen, storage, smart grids, energy communities, and e-mobility, the company will invest another €2bn in the digital transformation of the business and in innovation by 2025.

EDP aims to grow its global presence in solar generation tenfold, while doubling the installed wind capacity from 12 GW to 25 GW in 2025, representing an average of 4 GW additions per year.

As part of its commitment to continue to lead the energy transition from the front: EDP aims to be fully coal-free by 2025 and all green by 2030, with 20 years of anticipation of its carbon-neutral goals.

The new plan will pave the way for the company, helping them to: accelerate sustainable growth; build a future-proof organization, powered by increased investment in innovation and digital transformation; and deliver ESG excellence and attractive returns. 

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