EDP to invest €24bn in energy transition

The company targets 50GW of renewables and carbon-neutrality by 2030

Portuguese energy company EDP has announced it will invest €24 billion (£20.9bn) in energy transition and renewables by 2030.

In that timeframe, the firm expects to have 50GW of renewables installed and carbon-neutrality across its operations.

EDP said the largest share of the green investment will be secured by renewables.

The company anticipates deploying 4GW of solar, hydrogen and storage per year and double solar and wind capacity by 2025.

Miguel Stilwell d’Andrade, Chief Executive Officer of EDP, commented: “This plan is a bold and ambitious commitment and unprecedented acceleration of growth in renewables building on our strong track record.

“The global challenge presented by climate change requires a different mindset, ambition and, above all, measurable action.”

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