Portuguese utility EDP, through its subsidiary EDP Renewables (EDPR), has acquired Australian solar developer ITP Development.
This acquisition increases EDP’s portfolio in the country by 1.5GW of solar and wind projects at various stages of development and with the option to co-locate battery energy storage systems (BESS) in the east of Australia.
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The portfolio also includes a 480MWp solar PV plant and 200MW BESS project at an advanced stage of development in Queensland, which is expected to be operational in 2026.
EDPR entered the Asia Pacific (APAC) market in 2022, with an investment plan of US$7.39 billion. With this latest acquisition in Australia, the company expects to tap into the country’s growth in renewable energy in the coming years. Since it entered the APAC market, the company installed 1.3GWp of solar capacity, both in utility-scale projects and distributed generation.
In the distributed generation segment, last August, the company planned an investment of over US$2.7 billion over the next three years to install 4GW of distributed PV globally.
In the region, the company said it is focusing on markets with favourable decarbonisation opportunities such as Australia, Singapore and Japan.
PV Tech Premium recently covered the Australian markets’ dip in private investment last year and what has been done to revert that trend. Among these measures is the government’s underwriting of 32GW of renewable energy generation and energy storage capacity, late last year.