EDP to invest €1.5 billion in offshore renewable projects until 2025

  • ECO News
  • 24 June 2022

The money will contribute to Ocean Winds' (OW) wind capacity addition target. By 2025, OW expects to add 5-7 GW of projects in operation or under construction.

The Portuguese company wants to invest €1.5 billion in renewable projects in the ocean by 2025, strengthening the focus on offshore wind power in the context of the Strategic Plan presented in 2021.

According to the statement released on Thursday, this investment will contribute to Ocean Winds’ (OW) wind capacity addition target. By 2025, OW plans to add 5 to 7 gigawatts (GW) of projects that will already be in operation or under construction and 5 to 10 GW of projects in advanced development.

The document reports that since it was established in 2020, OW has grown from 1.5 GW of projects under construction and 4 GW under development to a portfolio of over 11 GW and is currently present in seven countries. “OW’s projects have contributed to accelerating the blue economy and are fully aligned with EDP’s sustainability commitments,” says the document. Currently, the installed capacity of offshore wind in the world is about 40 GW and is expected to reach over 200 GW by 2030 and more than 1500 GW by 2050.

“This is a moment of action, consistent and collective, to transform the world into a better place for future generations. EDP will remain committed to contributing to this change, with ambitious energy transition targets, namely in offshore wind and solar energy. Besides a high business potential, this segment has clear economic and environmental benefits, which the group will continue to promote, along with clear sustainability commitments to the ocean, aligned with the UN Sustainable Development Goals and the goals set out in the Paris Agreement,” said Miguel Stilwell d’Andrade, CEO of EDP, in a statement.