Portuguese company EDP wants to invest 25 billion euros in renewables

Portugal’s largest energy company, EDP, is investing 25 billion euros (around 586 billion Kč) in renewable energy. It wants to nearly double its installed capacity to 33 gigawatts (GW) by 2026, it said today in a press release. In its strategic plan, it said that 21 billion euros would be invested by its wind and solar division EDP Renováveis, the world’s fourth-largest renewable energy producer, while a further four billion euros would go to electricity grids.

Average annual investment would thus rise to 6.2 billion euros, 30 percent more than forecast in the previous outlook through 2025. „This plan represents a clear commitment to the energy transition through accelerated investment and sustainable growth,“ the company said.

More than 90 percent of the investment is expected to go to onshore wind and solar power, with the rest allocated to offshore wind, batteries and hydrogen. In December, EDP had 18 GW of installed renewable capacity.