EDP has unveiled plans to build more than 50GW of renewables capacity before 2030, taking its generation portfolio to 100% renewables by the end of the decade.
The Portuguese energy company announced the plans, along with its intention to be coal-free by 2025, in a strategic update for the period 2021-2025.
EDP said it will commit €24bn for investment in the energy transition, with 80% going towards renewables, across wind and solar, as well as hydrogen and storage.
The developer said it will deploy 4GW annually, doubling solar and wind capacity from 12GW today to 25GW by 2025, in order to achieve carbon neutrality by 2030.
The plan is underpinned by three “strategic axes”: accelerated and sustainable growth, a future-proof organisation, powered by increased investment in innovation and digital transformation and the delivery of “ESG excellence” and attractive returns.
EDP CEO Miguel Stilwell d’Andrade said: “This plan is a bold and ambitious commitment and an unprecedented acceleration of growth in renewables building on our strong track record.
“The global challenge presented by climate change requires a different mindset, ambition and, above all, measurable action. For EDP, it is not just about powering communities, it’s about empowering our communities, to live more sustainable lives”,
EDP will also step-up investment in its “digital and innovative profile”, with €2bn of the investment commitment going towards the digital transformation of the business by 2025.
The company is aiming to drive EBITDA to €4.7bn in 2025, based on its actions.