EDP Brasil plans to hit 1 GW of solar by 2025 - report

Solar farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

April 27 (Renewables Now) - EDP Energias do Brasil SA (BVMF:ENBR3) is targeting 1 GW of operational solar power capacity by 2025, Reuters reported on Monday, quoting the company's financial director, Henrique Freire.

Speaking at an online conference with investors, Freire said the electric utility would pursue the solar growth in partnership with sister company EDP Renovaveis SA (ELI:EDPR), and possibly through acquisitions and participation in private tenders for energy self-supply, according to Reuters.

The company, which operates as the Brazilian arm of Portuguese utility group EDP - Energias de Portugal SA (ELI:EDP), rules out government auctions involving large-scale solar projects for the regulated market. If it does end up participating in these types of tenders, it would do so through EDPR, the report states.

EDP Brasil's strategy for financing new investments also involves the sale of operating plants or transmission lines, the president, Joao Marques da Cruz, said at the even on a separate occasion, per Reuters.

Overall, EDP Brasil plans to invest a total of BRL 10 billion (USD 1.84bn/EUR 1.52bn) in the country between 2021 and 2025, of which BRL 3 billion are planned for solar projects.

By the end of the first quarter of 2021, the EDP group, via EDPR, had a total of 436 MW of renewables in Brazil, according to its latest power report.

(BRL 1.0 = USD 0.184/EUR 0.152)

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