Portuguese utility to invest €1.5 billion in offshore wind farms

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Portuguese utility company EDP will invest around €1.5 billion in offshore wind energy through Ocean Winds, representing up to 17 gigawatts (GW) of renewable energy capacity in the ocean, the CEO announced on Thursday.

“We will invest about €1.5 billion in renewable projects until 2025. This is EDP’s part, so Ocean Winds, as a whole, has our partner [Engie] that then invests the other half, and this can represent up to about 17 GW of renewable capacity in the ocean,” CEO Miguel Stilwell d’Andrade told Lusa regarding the United Nations Oceans Conference, which takes place in Portugal, from 27 June to 1 July.

Ocean Winds is a joint venture created by EDP and France’s Engie in July 2020 to invest in wind projects globally.

This investment is in the company’s business plan until 2025, but according to the CEO, it is being analysed to go “further”, as Ocean Winds “has achieved what was planned in the business plan”.

“[Offshore wind] is one of the areas that is growing more, it is becoming more difficult to do wind onshore for environmental issues and sometimes some resistance by local communities, and, in that sense, offshore has more potential,” said the EDP leader.

Around five to seven GW of planned offshore wind projects are in operation or will be under construction by 2025 in Scotland or Belgium.

The company also has another five to 10 GW of projects under development in the United States, South Korea and France.