EDP to spend €1.5B on offshore wind projects by 2025

Portuguese energy company EDP - Energias de Portugal SA will invest €1.5 billion in the development of offshore wind energy projects by 2025.

The investment will support the capacity expansion targets of Ocean Winds SL, a 50/50 joint venture of subsidiary EDP Renováveis SA and Engie SA, EDP said in a June 24 statement. By 2025, Ocean Winds plans to have an additional 5 GW to 7 GW of projects operating or under construction and 5 GW to 10 GW in an advanced stage of development.

"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," EDP CEO Miguel Stilwell d'Andrade said in the statement.

"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 U.N. Sustainable Development Goals and the objectives established in the Paris Agreement [on climate change]."

Ocean Winds has a total portfolio of 11 GW and is present in seven countries. The joint venture also recently launched OW Brazil, a fully owned subsidiary that will develop offshore wind projects in that country.

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