Portugal’s EDP to add up to 2GW in PV capacity by 2022

Facebook
Twitter
LinkedIn
Reddit
Email
EDP has added floating solar to dam installations and will explore wind-solar hybrids (Credit: EDP)

EDP’s solar PV portfolio could grow by 1.5-2GW from the currently installed 100MW by 2022 as part of a broader redeployment to renewables.

As part of its 2019-2022 strategic update, the energy giant vowed this week to work over the next four years to capture the “sizeable” opportunity it sees in the PV market.

EDP’s push will begin with a PV pipeline of some 800MW, half of which is currently being negotiated. The remainder, the firm said, was already secured last year between Brazil – with a 15-year PPA backing a 205MW project in the Pereira Barreto municipality – and in the US, where a 20-year PPA was signed for a 200MW solar park in Indiana.

According to EDP, further growth will be driven by policy events, including Portugal’s planned 2GW-plus solar tendering this year and next and Spain's new climate targets

The firm will also tap into its existing client base in Spain and Brazil and follow developments in the US, where it believes competitiveness could rise as PTC subsidies are phased out.

If fully grown according to plan, solar should represent 25% of additions to EDP’s renewable portfolio between 2019 and 2022. Onshore wind – set to add 5-5.5GW to existing installations of 11.5GW – should account for a 70% share during the period.

To boost both technologies as well as offshore wind, EDP will raise more than €6 billion through asset rotation strategies, as well as sales over the next 12 to 18 months. The firm intends to mainly divest assets in Iberia, with a focus on thermal power.

The 2019 update foresees plans to explore emerging strategies, including wind-solar hybrids. The firm will also pursue floating solar projects, such as the 220kWp installation it added in 2017 to its Alto Rabagão dam in Portugal.

See here for the full version of EDP's 2019-2022 strategic update. 

14 September 2022
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!
29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

August 10, 2022
Iberdrola has commissioned the 590MW 'Francisco Pizarro' PV project in Extremadura Southwestern Spain, which is Europe’s largest solar plant.
August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
August 10, 2022
US solar tracker manufacturer FTC Solar has cut its net losses compared with last quarter and Q2 2021 but has seen its revenue collapse, blaming a hostile solar environment in the US that has seen project delays and cancellations, which it said it now hoped was coming to an end.
August 9, 2022
Investment firm Exus has acquired 100% of the shares of Riacho da Serra Energia, and the project-related assets, from Decal Renewables and Upside Value.
August 9, 2022
The Public Service Commission of the District of Columbia (DCPSC) has approved a 15-year power purchase agreement (PPA) with renewables developer Invenergy for 73MW of solar power to meet a 5% renewables target for district’s default electricity supply.
August 8, 2022
Renewables owner and operator Brookfield Renewable has recorded a strong second quarter and has deployed more than US$3 billion.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event