EDP gets ready to invest EUR 1.5bn in offshore wind by 2025

The Moray East offshore wind farm. Source: Ocean Winds.

June 23 (Renewables Now) - Portuguese utility EDP (ELI:EDP), through the joint venture of its renewables division and French peer Engie SA (EPA:ENGI), intends to invest EUR 1.5 billion (USD 1.58bn) in the development of offshore wind projects by 2025.

The company said in a statement that it will present its investment strategy and sustainability commitments in this segment at the Ocean Conference next week.

EDP Renovaveis SA (ELI:EDPR) invests in offshore wind through the Ocean Winds (OW) joint venture that is equally held with Engie. EDP said on Thursday it will contribute the above-mentioned sum to OW so it could achieve its goal of establishing an offshore wind portfolio with 5 GW-7 GW of operational or under-construction capacity by 2025 along with a project pipeline of 5 GW to 10 GW in an advanced stage of development.

Since it was set up in 2020, OW has expanded to over 11 GW of projects under construction and in development in seven countries.

EDP itself aims to eliminate coal production by 2025 and become 100% green by 2030.

(EUR 1 = USD 1.052)

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