EDP plans to invest €1500m in the development of offshore renewable energy projects, including offshore wind, by 2025.
Following EDP’s Strategic Plan presented in 2021, the group will contribute the money to support its Ocean Winds joint venture meeting capacity addition targets, mainly in floating wind.
In total, by 2025 Ocean Winds plans to add 5-7GW of projects already in operation or under construction and 5-10GW of projects in advanced stages of development.
Since its inception in 2020, Ocean Winds has grown from 1.5GW of projects under construction and 4GW under development to a total portfolio of more than 11GW.
EDP will be taking part in the Ocean Conference promoted by the UN, from 27 June to 1 July in Lisbon, and will go into more detail about its investment plans for offshore wind.
EDP chief executive Miguel Stilwell d’Andrade (pictured) said: “This is the time for a consistent and collective action to transform the world into a better place for the generations to come.
“EDP will continue to contribute to this change with ambitious energy transition goals, including in offshore wind and floating solar.
“In addition to a high business potential, these segments have clear economic and environmental benefits, which EDP will continue to promote, along with the sustainability of the ocean, in line with the UN Sustainable Development Goals and the objectives established in the Paris Agreement.”
To take one step forward in its commitments with the ocean, EDP, EDP Renewables and Ocean Winds recently subscribed to the nine Principles for the Sustainable Ocean, established by the UN Global Compact, which provides a framework for the practice of sustainable business across all industries and regions.
By becoming a signatory, EDP Group said it recognises the urgency and global importance of guaranteeing a healthy ocean and undertakes the commitment to promote the sustainability of the ocean for current and future generations.