EDP plans to invest 1.5 billion euros in offshore wind projects by 2025

EDP is to promote the development of new offshore wind capacity, investing 1.5 billion euros in the development of renewable wind projects in the ocean by 2025 and reinforcing its commitment to accelerate the energy transition including through offshore wind.
EDP plans to invest 1.5 billion euros in offshore wind projects by 2025
Courtesy of NREL.

The Group is taking part in the Ocean Conference (running this week and finishing tomorrow, 1st July) promoted by the United Nations (UN) to announce its investment strategy and sustainability commitments in the segment.  

Following EDP’s Strategic Plan presented in 2021, the Group will contribute 1.5 billion euros to support the achievement of the wind capacity addition targets of Ocean Winds (OW) – the joint venture held in 50/50 by EDPR and Engie – namely in floating offshore. In total, by 2025 OW plans to add 5 to 7 GW of projects already in operation or under construction and 5 to 10 GW of projects in advanced stage of development. 

Since its inception in 2020, OW has grown from 1.5 GW of projects under construction and 4 GW under development to a total portfolio of more than 11 GW, being now present in seven countries. OW’s offshore projects represent a driving force of the blue economy and are fully aligned with EDP’s sustainability commitments to the planet, also by promoting close cooperation with local ecosystems and communities. Currently, the installed offshore wind capacity in the world is around 40 GW and it is expected to reach more than 200 GW by 2030 and more than 1500 GW by 2050. 

“This is the time for a consistent and collective action to transform the world into a better place for the generations to come” said Miguel Stilwell d'Andrade, CEO of EDP. “EDP will continue to contribute to this change with ambitious energy transition goals, including in offshore wind and floating solar. 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 UN Sustainable Development Goals and the objectives established in the Paris Agreement.”

To take one step forward in its commitments with the ocean, EDP, EDP Renewables and Ocean Winds recently subscribed to the nine Principles for the Sustainable Ocean, established by the UN Global Compact (a special initiative of the UN Secretary-General dedicated to the mobilisation of sustainability of companies) which provide a framework for the practice of sustainable business across all industries and regions. By becoming a signatory, EDP Group recognises the urgency and global importance of guaranteeing a healthy ocean and undertakes the commitment to promote the sustainability of the ocean for current and future generations.

For additional information:

EDP Renewables (EDPR)

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