Portuguese Energy Giant Commits $500 Million for Solar Projects

Highlights:

  • EDP targets 530 MWp solar capacity in Brazil through decentralized solar projects
  • The company plans to construct 50 new plants within the nation this year

Portuguese electricity company EDP announced a plan to allocate 2.3 billion reais ($477.99 million) for the development of solar energy projects in Brazil by 2026. This move underlines the company’s commitment to expand its renewable energy portfolio in the South American country.

EDP aims to invest in decentralized solar energy generation installations, to achieve a cumulative capacity of 530 megawatts-peak (MWp) in Brazil. The primary focus will be on the concept of “remote shared generation,” wherein a single solar project with a capacity of up to 3 MW serves multiple consumers.

EDP (Energias de Portugal) is as a global energy enterprise active in 29 nations. Its subsidiary- EDP Brasil, is one of the largest Brazilian electric utility companies. Presently, EDP manages solar farms in nine Brazilian states. Moreover, the company plans to construct 50 new plants within the nation this year, significantly increasing the existing installed capacity to 260 MWp.

EDP’s investment in Brazil is part of its broader international strategy to enhance involvement in solar projects for residential and commercial consumption. The company has outlined a global expenditure of 2.5 billion euros ($2.73 billion) to install 4 GW-peak of solar projects in the near future.

Highlighting Brazil’s substantial potential for wind and solar energy, EDP’s Brazil CEO Joao Marques da Cruz emphasized that investing in this country is both an “opportunity and priority” for the company.

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Resource: ET Energy World

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