Receive our newsletter – data, insights and analysis delivered to you
  1. News
February 26, 2021

EDP outlines transition goals, reaching 50GW renewables by 2030

Portuguese company EDP has outlined a set of goals to decarbonise and increase its renewable generation.

By Umesh Ellichipuram

Portuguese company EDP has outlined a set of goals to decarbonise and increase its renewable generation.

EDP aims to add more than 50GW of renewable generation capacity to its portfolio before 2030. The company will also increase its renewable generation from 74% of total generation to 100% by the end of 2030. Additionally, the company aims to become coal-free by 2025.

EDP announced its plan in a strategic update for the period 2021-2025. As part of this, the company intends to invest of $29bn (€24bn) over the period.

Of the total investment, 80% will go toward  improving the company’s the wind, solar, hydrogen, and storage portfolios. EDP intends to deploy 4GW annually and double solar and wind capacity by 2025.

EDP CEO Miguel Stilwell d’Andrade said: “This plan is a bold and ambitious commitment and an unprecedented acceleration of growth in renewables building on our strong track record.

“The global challenge presented by climate change requires a different mindset, ambition, and, above all, measurable action. For EDP, it’s not just about powering communities, it’s about empowering our communities, to live more sustainable lives.”

Content from our partners
Green investment: What gives Scotland multiple advantages
How Hengst helped to keep Germany’s charity “star singers” shining
How one power station prevented frequent shutdowns with three-stage air filtration

The plan is built around accelerated sustainable growth, future-proofing the company via increased investment, and maintaining good environmental credentials and attractive returns on investment.

EDP also plans to invest $2.4bn (€2bn) in the digital transformation of the business by 2025; across its hydrogen, storage, smart grids, energy communities, and e-mobility segments.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU