This investment is part of the strategic plan presented to the market in February, which provides €24 billion for energy transition by 2025, of which €19.2 billion (80%) in renewable energy by 2025.
Portuguese power utility EDP plans to invest €640 million in projects that contribute to energy transition in Portugal over the next five years, of which nearly €150 million will go ahead this year, an official source from the company told Lusa on Friday.
This investment is part of the strategic plan presented to the market in February, which provides €24 billion for energy transition by 2025, of which €19.2 billion (80%) in renewable energy by 2025, including wind and solar green hydrogen and energy storage technologies.
“This growth is only achieved thanks to this ambitious strategy and would not be possible without normal asset rotation,” said the company, which has an asset rotation strategy totalling €8bn, under which the sale of wind assets in the United States was recently announced.
EDP also pointed out that this €640 million investment will increase over 700 megawatts (MW) spread across 23 clean generation projects across the country.
Among the projects already approved and under development, EDP highlighted five projects that combine solar and wind power, totalling 30 MW and with an associated investment of €16 million, with work scheduled to start this year Sabugal, Aljezur, Peniche and Loures.
The company also highlighted the Solar Cerca project of 142 MW from the solar auction held in 2019. It should start construction in 2022, in Ribatejo, with an investment of €93 million, and the floating solar park project with more than 12,000 photovoltaic panels in the Alqueva dam reservoir, with an investment of €6 million and an annual production capacity of seven gigawatt-hours.
The Alqueva project has the installation of the panels and floats scheduled for the summer and is expected to start producing energy this year.