EDP aims for 50GW of renewables additions by 2050, looks to US for solar growth

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
EDP Renewables’ 20MW Cameron Solar Park in South Carolina. Image: EDP Renewables via Twitter.

EDP will focus on North America to ramp up its solar capacity in the next five years as part of a new strategic update that will see the Portuguese utility target more than 50GW of renewables additions by 2030.

The company will invest €24 billion (US$29.1 billion) by 2025, of which 80% will be on renewables, with a commitment to deploy 4GW of clean energy per year and double solar and wind capacity from 12GW to 25GW.

EDP will also step-up investment in the digital transformation of the business and innovation to provide new solutions in hydrogen, storage, smart grids, energy communities and e-mobility.

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

“This plan is a bold and ambitious commitment and an 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,” said EDP CEO Miguel Stilwell d’Andrade.

In terms of PV additions, the company aims to grow its global presence tenfold between 2021 and 2025, with approximately 9.3GW of new capacity. At 5.5GW, the majority is set to be in North America, where the utility’s EDP Renewables unit recently entered the distributed solar space through the acquisition of a majority interest in C2 Omega. The strategic update says EDP will aim to develop a “distinctive approach” to commercial and industrial solar through a dedicated distributed platform in the US.

In Europe, around 2.4GW of solar capacity additions are forecasted for the next five years, with a focus on markets such as Portugal, Poland, Romania as well as Spain, where the company secured 98MW of PV capacity in the country’s renewables auction last month. Elsewhere, 700MW of PV is expected to be added to the company’s portfolio in Latin America, with a further 700MW in other markets globally.

Distributed solar deal in Brazil

In a separate announcement, EDP’s Brazilian subsidiary said it has secured a deal to acquire distributed solar assets in Brazil from a local unit of AES Corporation for BRL177 million (US$32 million).

The deal involves AES Inova, a distributed solar investment platform that holds a portfolio of approximately 34MWp assets in the states of Rio Grande do Sul, São Paulo and Minas Gerais, with projects at varying stages of development.

EDP Brazil said the transaction sees it “reinforce its commitment” to invest in distributed PV, expanding its portfolio of projects by around 50% and keeping the segment as an “important growth path”.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

September 24, 2021
Independent power producer Catalyze has acquired commercial and industrial (C&I) solar developer Sol Alliance, expanding its presence in the northeast of the US and taking on an 80MW project development pipeline in the process.
PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 21, 2021
New York’s governor has proposed an expansion of the NY-Sun distributed solar incentive programme and revealed plans for two transmission projects that will transport renewable energy to New York City to help the state reach 70% renewable electricity by 2030.
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
September 15, 2021
The Portuguese Renewable Energy Association (APREN) and the Portuguese Association for the Photovoltaic Industry (APESF) have joined forces to represent Portugal's PV sector.  
PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021