EDP renewables have announced that it will invest Euro 24 billion towards doubling its solar and wind capacity from 12 GW to 25 GW by 2025. With this goal, the company also aims to be coal-free by 2025 and completely source power from green energy in 2030 by expanding its renewable energy portfolio to 50 GW. The company also intends to increase its solar generation capacity ten-fold. The investment will be in developing renewable energy assets in Europe and North America. Further, 80 per cent of the total investment will be in renewables, 15 per cent in networks, and 5 per cent in client solutions and energy management.
The company has also investments of Euro 2 billion to provide new solutions for storage, smart-grid, hydrogen, energy communities, electric-mobility, and the digital transformation of its business by 2025. The current growth plan is expected to take EDP renewables’ earnings before interest, taxes, depreciation, and amortization to EURO 4.7 billion in 2025
In February 2021, EDP announced the launch of two business units to tap into the potential of green hydrogen and energy storage systems. The hydrogen business unit would be the group’s new arm for the development of new hydrogen projects. EDP also aims to achieve an installed energy storage capacity of 1 GW over the next five years.
Last month, EDP Renewables secured a portfolio of six solar and wind projects with a total capacity of 143 MW in the latest Spain auction.