EDPR is all set to invest €20 million by 2026 to boost the installed capacity in renewable energy.
The company plans to add more than 4GW annually over the period as it sets an aim to increase installed capacity in solar and wind.
The latest development is followed by the group’s decision to allocate 85% of the total investment to renewables. It plans to cover Europe, North America, South America and Asia-Pacific.
“Today we ramp up our ambition to lead the energy transition supported by a competitive and resilient portfolio, strong financials, an empowered team and the will to contribute to a climate positive world for the coming generations,” EDP and EDPR CEO Miguel Stilwell d’Andrade, was quoted in a statement.
He further stated that their latest plan further boosts their commitment to the transition and for the planet.
The company shared that “onshore wind and solar utility scale will account each for 40% of the €20bn, complemented by emerging technologies such as solar distributed generation, storage and hydrogen,” a local report mentioned.
Meanwhile, EDPR has planned to continue to capture growth in solar.
The technology mix by 2026 will have a share of 29% solar and 8% solar distributed, while wind will represent 59%, wind offshore 2% and the remaining mix diversified through H2 and Storage, the company shared.