May 5 (SeeNews) - Portuguese utility EDP (ELI:EDP) expects to make an average of EUR 1.4 billion (USD 1.6bn) in net expansion investments focused on wind power purchase agreements (PPAs), mostly in the US, every year over the period 2016-2020.
The company anticipates to expand its installed capacity to 29.9 GW in 2020 from 24.9 GW in 2015, with about 44% of that referring to wind and solar parks, it says in a presentation published today. As a result, the weight of renewables in its mix will rise to 76% from 71% currently. This would include a 32% hydro share.
The utility’s renewables arm, EDP Renovaveis SA (ELI:EDPR), is seen to deploy about 700 MW of capacity annually over the five-year period mostly in North America with a focus on onshore wind. Europe will represent about 15% of EDPR’s growth plan through 2020.
Even though EDPR will focus on onshore wind, it plans to add solar photovoltaic (PV) capacity as well. That technology will account for 10% of additions through 2020.
The company said it will also invest in offshore projects in the UK and France, but noted that the sum spent on them will represent less than 10% of the total investment needs for the period. EDPR will work on those projects through partnerships.
(EUR 1.0 = USD 1.141)