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diciembre 9, 2024

EDP plans to invest €23 billion by 2026 adding 3 GW/Year in renewables

Focusing on Europe and the U.S., the company prioritizes solar, wind, and hybrid projects, incorporating innovations in storage and offshore technologies. Portugal plays a key role with an additional 1 GW, as EDP moves towards its goal of 100% clean energy by 2030.
By Milena Giorgi

By Milena Giorgi

diciembre 9, 2024
EDP planea invertir 23.000 millones de euros hasta 2026, añadiendo 3 GW/año de renovables EDP Plans to Invest €23 Billion by 2026, Adding 3 GW/Year in Renewables

In an exclusive statement to Energía Estratégica España, EDP’s official sources outlined the pillars of its strategic plan up to 2026, which includes a global investment of €23 billion and the annual addition of 3 GW in renewable capacity.

Portugal holds a prominent position in this plan, aiming to install over 1 GW in solar, wind, and hybrid projects. The company also expressed interest in participating in the upcoming offshore wind energy auction, an emerging market seen as critical to consolidating its leadership.

According to the company, the Portuguese market faces challenges related to licensing, grid expansion, and technology implementation. However, EDP is advancing with innovations in hydrogen, energy storage, and digitalization. These initiatives reinforce the company’s commitment to the global energy transition and its ambition to achieve 100% clean energy production by 2030.

How Is EDP Structuring Its Renewable Investment Plan?

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EDP’s renewable energy investment plan aims to foster accelerated and sustainable growth. The company continues to enhance its green expansion through a strategy fully aligned with the energy transition. This includes consolidating key technologies and regions while maintaining a selective and disciplined approach.

Globally, EDP forecasts a gross investment of €23 billion from 2023 to 2026, targeting the addition of approximately 3 GW annually, with a total installed capacity of nearly 23 GW of wind and solar energy by 2026. More than 70% of this capacity is already secured, with 2.1 GW guaranteed through power purchase agreements (PPAs) with major tech companies.

EDP’s focus on robust global growth has led it to prioritize strategic markets across its four operating regions: Europe, North America, South America, and Asia-Pacific. Over 80% of the planned investment through 2026 will be allocated to Europe and the United States, with more than 90% of the secured capacity for 2024-2026 concentrated in ten markets.

In Asia-Pacific, EDP identifies strong growth prospects, particularly in Singapore, Japan, and Australia—markets characterized by low risk and strong currencies.

In Portugal, EDP plans to commission over 1 GW of renewable energy by 2026 through hybrid developments and new wind and solar installations.

What Investment Opportunities Does EDP See in Portugal?

Portugal offers numerous investment opportunities in the renewable energy sector. Beyond developing new projects, this includes optimizing existing assets and resources, such as modernizing wind farms, hybridizing projects that combine multiple clean energy sources at the same site, advancing energy storage solutions, and leveraging the potential of offshore wind energy.

EDP reaffirms its commitment to leading the renewable energy sector in Portugal and driving the energy transition in the country and Europe. The company aims to increase solar and wind energy production capacity through initiatives like retrofitting existing parks and hybridizing wind and solar plants.

Additionally, EDP is investing in hybrid projects at hydroelectric reservoirs, including the floating solar energy pilot project at the Alto Rabagão dam and, more recently, at Alqueva, as well as in pumped storage systems. The company is also assessing offshore wind auction conditions and exploring the latest available technologies.

Through this strategy, EDP not only invests in innovative projects but also significantly contributes to Portugal’s energy transition.

What Projects Are Included in EDP’s Portfolio and What Is Their Status?

In Portugal, some of EDP’s main renewable asset projects include:

  • Cerca Solar Park in Azambuja, Lisbon District.
  • Penela and Ansião Park, a hybrid project combining wind and solar energy in the municipalities of Coimbra and Leiria.
  • Alqueva Floating Solar Platform in the Alentejo region.

These assets, among others, showcase the execution of EDP’s strategic plan and reinforce its commitment to the energy transition. As of September 2024, EDP’s expanded global renewable portfolio reached an installed capacity of 24.7 GW, distributed as follows: 16% solar, 25% hydroelectric, 43% wind, and 0.2% storage. This diversified mix of renewable energy already guarantees 97% of the company’s green energy production.

What Challenges Is EDP Facing in This Market?

Despite strong growth and Portugal’s commitment to the energy transition, the renewable energy market in the country faces several challenges. Key issues include licensing processes, the need to expand grid and storage capacity, and technological solutions.

Overcoming these obstacles requires advancing innovations and policies that balance sustainable growth with environmental protection.

How Does EDP Evaluate the New PNEC Targets?

Portugal has ambitious decarbonization and renewable energy adoption goals for the next 15 years. However, accelerating the development of these assets depends on fostering investment-friendly conditions, such as clear and stable regulations and streamlined licensing processes.

While progress has been made—for instance, in expediting licensing for small-scale solar projects—Portugal still faces short-term hurdles, especially for larger-scale projects.

What Must Happen in 2024 for EDP to Achieve a Successful Year?

With a track record of nearly 20 years in renewable energy implementation, EDP will continue expanding this segment. Initially, only 20% of EDP’s energy production came from renewable sources; today, it produces 97% clean energy globally, with a target of 100% by 2030.

A 35% increase in installed capacity is expected between 2024 and 2026, following significant advancements in renewables in Portugal, such as EDP’s largest solar plant in Europe, located in the Lisbon District (Cerca Solar Park).

By the end of 2024, after achieving key milestones throughout the year, EDP expects to meet its goals, reinforcing its commitment to the energy transition and sustainability.

What Innovations Are Planned for 2025?

Climate change demands a rapid acceleration of renewable energy deployment and substantial investment to decarbonize and ensure affordable energy access for all. This transition cannot be achieved without innovation.

To this end, EDP has reinforced its commitment to innovation by updating its Business Plan, allocating €1 billion globally for innovation and €2 billion for digitalization by 2026. This includes mapping relevant market trends, enhancing operational efficiency, and seeking new technologies and solutions to accelerate the global energy transition.

EDP continues to explore cleaner solutions to secure a sustainable future, such as hydrogen, storage, and hybrid projects. This strategy not only strengthens EDP’s position as a leader in the transition to renewable energy but also ensures its investments align with market demands and contribute to a more sustainable future.

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