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Portuguese energy company EDP plans to invest £12.
86 billion in wind and solar projects in the UK by 2030 as the country strives to reduce emissions to zero
by mid-century.
EDP plans to invest through its subsidiary EDP Renovaveis, the world's fourth-largest renewable energy producer with 1 GW of offshore wind capacity under construction and 0.
9 GW of development capacity
in the UK.
EDP?? Miguel Stilwell d'Andrade, CEO of EDPR, said: "These plans underline our commitment to the UK, a strategic market
for the Group's growth.
We will explore any further opportunities that will enable us to continue to play a leading role
in the UK's energy transition.
”
EDP?? In addition to this close £13bn investment, EDP's 50-50 joint venture with French utility Engie Ocean Winds has made a £2.
65 billion investment
in the Moray East and Moray West offshore wind projects in Scotland, it said.
EDP?? A further £2.
2 billion is planned to be invested in the Moray West project, which will begin construction
in 2022.
The UK has the world's largest offshore wind market, with around a third of installed offshore wind capacity deployed in the UK by the
end of 2020.
It plans to generate one-third of its electricity from offshore wind farms by 2030 as part of
its efforts to achieve net-zero carbon emissions by 2050.
EDP?? It said it plans to invest around £660 million in UK onshore wind projects over the next five years
.
In July, it acquired a portfolio
of onshore wind and solar with a capacity of 544 MW.
EDP?? It said negotiations are currently underway with local partners on more than 200 MW of onshore wind projects
.
Last month, the UK government announced the largest auction of its renewable energy support scheme, which will begin in December and will include onshore wind and solar
.
Wholesale electricity prices in the UK have soared this year as global gas prices have soared
due to post-pandemic demand recovery, low inventories, infrastructure disruptions and more.
Other major European utilities have also invested heavily in renewable energy, including Spain's Iberdrola, Denmark's Orsted and Italy's Enel
.
Portuguese energy company EDP plans to invest £12.
86 billion in wind and solar projects in the UK by 2030 as the country strives to reduce emissions to zero
by mid-century.
EDP plans to invest through its subsidiary EDP Renovaveis, the world's fourth-largest renewable energy producer with 1 GW of offshore wind capacity under construction and 0.
9 GW of development capacity
in the UK.
EDP?? Miguel Stilwell d'Andrade, CEO of EDPR, said: "These plans underline our commitment to the UK, a strategic market
for the Group's growth.
We will explore any further opportunities that will enable us to continue to play a leading role
in the UK's energy transition.
”
EDP?? In addition to this close £13bn investment, EDP's 50-50 joint venture with French utility Engie Ocean Winds has made a £2.
65 billion investment
in the Moray East and Moray West offshore wind projects in Scotland, it said.
EDP?? A further £2.
2 billion is planned to be invested in the Moray West project, which will begin construction
in 2022.
The UK has the world's largest offshore wind market, with around a third of installed offshore wind capacity deployed in the UK by the
end of 2020.
It plans to generate one-third of its electricity from offshore wind farms by 2030 as part of
its efforts to achieve net-zero carbon emissions by 2050.
EDP?? It said it plans to invest around £660 million in UK onshore wind projects over the next five years
.
In July, it acquired a portfolio
of onshore wind and solar with a capacity of 544 MW.
EDP?? It said negotiations are currently underway with local partners on more than 200 MW of onshore wind projects
.
Last month, the UK government announced the largest auction of its renewable energy support scheme, which will begin in December and will include onshore wind and solar
.
Wholesale electricity prices in the UK have soared this year as global gas prices have soared
due to post-pandemic demand recovery, low inventories, infrastructure disruptions and more.
Other major European utilities have also invested heavily in renewable energy, including Spain's Iberdrola, Denmark's Orsted and Italy's Enel
.
