EDP plans to invest 1.5 billion Euro in ocean-based renewable energy projects by 2025
EDP plans to invest 1.5 billion Euro in the development of offshore wind projects by 2025, strengthening its commitment to accelerating the energy transition, including through offshore wind.
According to EDP’s Strategic Plan presented in 2021, the Group will contribute 1.5 billion euros to support the achievement of Ocean Winds (OW) – 50/50 joint venture owned by EDPR and Engie – leader in the offshore floating platform industry. By 2025 OW intends to add a total of 5 to 7 GW of energy from projects already in operation or under construction and 5 to 10 GW of projects at an advanced stage of development.
Since its inception in 2020, OW has grown from 1.5 GW of projects under construction and 4 GW in development, to a total portfolio of over 11 GW, and is now present in seven countries. OW’s offshore projects are a driver of the blue economy and are fully aligned with EDP’s sustainability commitments to the planet, including by promoting close cooperation with ecosystems and local communities. Currently, the installed offshore wind capacity in the world is about 40 GW and is expected to reach over 200 GW by 2030 and over 1500 GW by 2050.
Next week, EDP will attend the UN-sponsored Ocean Conference – June 27 – July 1 in Lisbon – announcing its investment plans in offshore renewable wind projects, in line with its goal of eliminating coal production by 2025, and to become 100% green by 2030. The meeting will serve as a platform for the Group to strengthen its active role in promoting the sustainability of the ocean at such a critical time, to increase ambition and mobilize collective efforts in this area, taking into account view the challenges facing the planet to fight climate change. The conference will provide an opportunity to discuss innovative ocean-related projects, such as Windfloat Atlantic, the pioneering floating offshore project in Viana do Castelo – the technology that will likely have the fastest growth in offshore wind.
“It is time for coherent and collective action to turn the world into a better place for future generations. EDP will continue to contribute to this change with ambitious energy transition targets, including offshore wind and floating photovoltaics. In addition to high business potential, these segments have clear economic and environmental benefits, which EDP will continue to promote, along with ocean sustainability, in line with the UN Sustainable Development Goals and the goals set out in the Paris Agreement,” says Miguel Stilwell d’Andrade, CEO of EDP.