EDP plans €1.3 billion investment in French renewables, storage

Portuguese energy company EDP has announced plans to invest €1.3 billion ($1.5 billion) in France by 2030 to develop more than 1 GW of onshore and offshore wind, solar, and energy storage projects.

The announcement was made at the Choose France summit, held June 1 at the Palace of Versailles. EDP said the investment will be allocated across multiple renewable energy projects throughout France.

EDP operates 32.8 GW of generation capacity worldwide and is active across the electricity value chain, including generation, transmission, distribution, and supply.

The company has been active in France for 20 years and has developed more than 800 MW of wind and solar capacity in the country. EDP said those projects represent more than €1 billion in cumulative investment and have generated nearly 12 TWh of electricity since 2006.

Through its joint venture with Engie, Ocean Winds, EDP is also developing 1 GW of offshore wind projects in France. The company is additionally involved in 254 MW of floating offshore wind projects off the coast of Leucate in the Mediterranean Sea.

Under its strategic plan through 2028, EDP expects to invest more than €12 billion across four major geographic markets. Nearly 70% of that spending is earmarked for renewable energy and storage projects, including wind, solar, and batteries, while the remaining 30% will support electricity network development.

From pv magazine France