EDP targets 50 GW of renewables and carbon neutrality by 2030

Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said today it will aim to add more than 50 GW of renewables by 2030 to become a 100% green producer by then and carbon neutral 20 years earlier.

This is a new goal included in the company’s Strategic Update for the period 2021-2025, which sees EDP being coal-free by 2025 while doubling the installed wind and solar capacity to 25 GW from the current 12 GW.

This will translate into adding an average of 4 GW of renewables per year, EDP said.

The utility plans to invest a total of EUR 24 billion (USD 29.3bn) to fund the initiative and allocate 80% of the amount to renewable power alone, focusing on Europe and North America. Networks and Client Solutions & Energy Management will respectively receive the remaining 15% and 5% chunks of the 2021-2025 money.

The new strategy also calls for a EUR-2-billion investment in innovation and digitalisation, EDP added.

The group expects the revised targets will help it book EUR 4.7 billion in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2025.

(EUR 1.0 = USD 1.223)

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