EDP Renewables (EDPR) has just announced an ambitious growth plan that includes investing €20 billion until 2026 to increase renewable energy additions. The company aims to add more than 4GW in capacity every year during this period and double its installed capacity in solar and wind. The growth will be partially funded by a €1 billion capital increase.
EDPR plans to deploy renewables in North America (+7.4 GW), Europe (+5.6 GW), South America (+2.2 GW), APAC (+1.2 GW), and additional Offshore Wind capacity of 0.7 GW. The spanish company is committed to being coal-free by 2025, 100% green by 2030, and reach it’s net-zero goal by 2040.
The company’s investment plan combines conventional and emerging technologies. Onshore wind and solar utility scale will account for 40% each of the €20 billion investment plan in renewables, complemented by emerging technologies such as solar distributed generation, storage, and hydrogen. The technology mix by 2026 will have a share of 38% in solar energy, while will wind energy will represent 61%. The remaining mix diversified through hydrogen and energy storage.
EDPR plans to hire at least 1500 new employees by 2026 basing the talent strategy on 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.
EDP Renewables updated business plan for 2023 to 2026 reinforces the company’s growth ambition while pushing even further its commitment to the planet and creating a better future for all. EDP’s CEO Miguel Stilwell d’Andrade stated: “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.”