EDP has announced to invest 2.3 billion reais ($477.99 million) in solar energy plants in Brazil by 2026.
The Portuguese power company makes such an announcement as it aims to increase its portfolio of renewable projects and focus on distributed solar energy generation plants.
The company plans to reach a total capacity of 530 MWp in Brazil with this investment. Brazil has been focusing on distributed generation, which consists of a single solar project serving multiple customers.
As per the authorities, Brazil has already surpassed 20 gigawatts of power in distributed solar energy generation this year alone.
Currently, EDP controls solar farms in nine Brazilian states and plans to build 50 new plants in the country this year. The company further plans to increase its share in solar projects for household and business consumption.
Meanwhile, the company plans to invest 2.5 billion euros to install 4 gigawatts-peak in solar projects globally.