From pv magazine Spain
Portuguese power utility Energías de Portugal (EDP), whose largest shareholder is state-owned energy company China Three Gorges, has announced an unprecedented investment plan for the period 2021-2025.
The company will devote €24 billion to the plan, of which 80% will be invested in renewables, 15% in improving power grids, and 5% in solutions for customers and energy management.
EDP wants to double its installed capacity from clean energies in the next 5 years, from 12 GW currently to 25 GW in 2025, which means an average of 4 GW added per year.
The utility has also planned to stop producing coal power in 2025 and go fully green in 2030, anticipating its carbon neutrality targets in 20 years.
EDP will also invest € 2 billion in its digital transformation and new solutions for hydrogen, storage, smart grids, energy communities. and electric mobility.
The company had also announced recently the creation of H2BU, the new branch of the group for the development of green hydrogen projects, as well as a storage unit, EDPR NA, which will aim to reach a capacity of 1 GW of storage in five years.
At the end of December 2020, the utility’s renewable energy arm, EDPR, had an installed renewable energy capacity of 2.4 GW, of which 1,648 MW of onshore wind energy, 404 MW of solar. Another 311 MW comes offshore wind projects.
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Source: pv magazine