On Track For Growth: EDP Plans to Invest Billions in Solar Power Generation Worldwide

Oviedo, Spain - Distributed solar power generation has become one of EDP Renewables' fastest growing businesses. In the coming years, the RENIXX Group aims to continue to grow strongly in the solar segment in the different regions of the world.

To realize this goal, the renewable division of the Portuguese energy group EDP has committed to making investments in the order of €2.5 billion by 2026. The goal is to install an additional 4,000 MWp (4 GWp) of solar capacity for homes and businesses. The RENIXX-listed group expects to account for almost 50 percent of all new solar installations worldwide in the coming years.

With respect to the various regional markets, EDP Renewables' goal is to increase the solar energy capacity installed by the company in Europe by a factor of 5 between 2023 and 2026. In the U.S., EDP sees significant potential for solar installations, particularly among large commercial and industrial customers and remote energy communities. EDP expects to achieve 5X growth in the U.S. market over the next three years through corporate partnerships such as with Google. In the APAC region, EDP plans to increase solar capacity 3-fold by 2026. The company already has more than 1,199 MW (1.1 GW) in the pipeline in this region and more than 150 MW secured or under construction. In Brazil, where EDP is already one of the top three solar power suppliers with 205 MW of solar capacity in operation and under construction, the company aims to grow six-fold by 2026 compared to 2022.

EDP already holds a central position in solar power globally and says it is a leader among European-based players. To date, the group has installed PV systems with a capacity of 1,600 MW (1.6 GW) at business and residential customers. Of these, 900 MW (0.9 GWp) have been installed under the as-a-service model. Under this option, EDP secures 100 percent of the initial investment and enters into a long-term PPA with the customer.

The EDP Renewables share closed yesterday with a gain of 1.8 percent to 16.81 euros (closing price, 08.08.2023, Stuttgart Stock Exchange). Compared with the level at the turn of the year, this corresponds to a price drop of 17.5 percent.

Source: IWR Online, 09 Aug 2023