EDPR to invest 20 billion Euro by 2026 in renewable capacities
EDPR presented its revised business plan 23-26, forecasting a global gross investment of 20 billion euros and a yearly deployment of more than 4GW in renewables. This ambition is aligned with the overall 23-26 plan presented by EDP Group and its net zero commitment.
The Group aims to allocate 85 percent of the total investment to renewables, clients and energy management and 15 percent to electricity networks across fast growing and low risk markets in 4 regional hubs: Europe (40 percent of the investment plan), North America (40 percent), South America (15 percent) and Asia-Pacific (5 percent).
“Today we ramp up our ambition to lead the energy transition supported by a competitive and resilient portfolio, strong financials, an empowered team and the will to contribute to a climate positive world for the coming generations. This Business Plan reinforces our growth ambition, while pushing even further our commitment to the planet and creating superior value for all”, says Miguel Stilwell d’Andrade, EDP and EDPR CEO.
Onshore wind and solar utility scale will account each for 40 percent of the 20 billion investment plan in renewables, complemented by emerging technologies such as solar distributed generation, storage and hydrogen. Offshore wind capacity will scale up through the joint venture Ocean Winds and provide significant visibility on growth over the next 10-15 years.
With the recent acquisition of Kronos and the company’s activity across the globe, EDPR is set to continuing to capture growth in Solar. The technology mix by 2026 will have a share of 29 percent Solar and 8 percent Solar Distributed, while wind will represent 59 percent, wind offshore 2 percent and the remaining mix diversified through H2 and Storage.
The updated Business Plan for EDPR foresees 1500 new hires by 2026 basing the talent strategy on attraction, experience and development and renewing its recognition as a top employer across the regional hubs.
EDP as a group will continue laying the path for a better tomorrow, namely through its target to become net zero by 2040 across all scopes and evolving the entire value chain, from clients to partners. This commitment has recently been validated by the Science Based Target Initiative (SBTi), that recognized EDP’s best practices in climate action in total alignment with the science based 1.5ºC temperature mitigation target.