Portuguese multinational energy company EDP has announced its plan to invest approximately £13 billion in the UK renewable energy market by 2030 under efforts to expand its presence in the region.
Miguel Stilwell d’Andrande, CEO of EDP, said up to £12.86 billion ($17.7 billion) will be invested by his firm to expand its business within the onshore energy market to help accelerate the energy transition in the UK. He said the investment will enable his firm to explore new opportunities within the UK renewable energy market.
One of the world’s largest renewable energy producers will invest £660 million ($911.2 million) to acquire 544MW of onshore wind and solar energy capacity.
The investment will be made through subsidiary EDP Renewables and is in addition to the £2.65 billion ($3.6 billion) in investments already made through Ocean Winds, a joint venture of EDPR and ENGIE, in Moray.
EDP’s 10-year presence in the UK market has led to the establishment of 1GW of capacity in operation and 0.9GW under development. EDP has also managed to build Scotland’s largest wind farm, the Moray East plant comprising 950MW in capacity, enough to avoid 1.4 million tonnes of CO2 emissions, generated by 100 turbines.
To ensure optimal management of the project, EDP has opened a new operations and maintenance center in Scotland.
The utility will be investing more to enhance the capabilities of the wind project in the next three to five years and the investments are part of the £12.86 billion announced by EDP.
Expanding the UK’s portfolio of renewable energy is part of the government’s recently announced Net-Zero Strategy, which sets out how the UK will deliver on its commitment to reach net-zero emissions by 2050.
Boris Johnson, the UK’s prime minister, said increasing investments in renewables such as hydrogen, wind, and solar energy will help his country to reduce reliance on imported fossil fuels, which will in turn help protect consumers from global price spikes.
Johnson said: “The UK’s path to ending our contribution to climate change will be paved with well-paid jobs, billions in investment and thriving green industries – powering our green industrial revolution across the country.
“By moving first and taking bold action, we will build a defining competitive edge in electric vehicles, offshore wind, carbon capture technology and more, whilst supporting people and businesses along the way.”
Find out more about the UK’s Net Zero Strategy.