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    EDP to invest 1.5 billion euros in ocean renewable projects through 2025


    June 24, 2022 - CE Noticias Financieras

     

      The EDP Group plans to continue with the development of renewable wind energy projects in the ocean until 2025. It aims to foster the energy transition by investing E1.5 billion.

      With this investment, the company plans to increase the wind capacity of Ocean Winds (OW), the Portuguese company's joint venture with Engie, which is leading the offshore floating wind farm sector. In total by 2025 OW aims to add between 5 and 7 GW of projects already in operation or under construction and between 5 and 10 GW of projects at an advanced stage of development.

      Since its creation in 2020, OW has grown from having 1.5 GW of projects under construction and 4 GW under development to a total portfolio of more than 11 GW, being now present in seven countries. Currently, the world's installed offshore wind capacity is around 40 GW and is expected to reach more than 200 GW by 2030 and more than 1,500 GW by 2050.

      Investment plans

      EDP will announce its investment plans in renewable energy projects at the United Nations Oceans Conference next week. In fact, the Portuguese company maintains among its objectives to eliminate coal production by 2025 and to be 100% green by 2030.

      According to the CEO of EDP, Miguel Stilwell d'Andrade, "it is time for coherent and collective action to transform the world into a better place for future generations".

      The executive acknowledged that "EDP will continue to contribute to this change with ambitious energy transition targets, also in offshore wind and floating solar. In addition to high business potential, these segments have clear economic and environmental benefits that EDP will continue to promote, along with ocean sustainability, in line with the UN Sustainable Development Goals and the targets set out in the Paris Agreement."

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