Portugal – In order to accelerate the energy transition, including through offshore wind, EDP plans to invest 1.5 billion euros in the development of renewable wind projects in the ocean by 2025.
The group will contribute 1.5 billion euros to help Ocean Winds (OW), a joint venture owned equally by EDPR and Engie that is the market leader in floating offshore wind energy, reach its capacity expansion goals. A total of 5 to 7 GW of projects already in operation or under construction as well as 5 to 10 GW of projects in advanced stages of development are expected to be added by OW by 2025.
Since its founding in 2020, OW has expanded from having 1.5 GW of projects under construction and 4 GW of projects in development to having a total portfolio of more than 11 GW and being present in seven different countries. By encouraging close collaboration with regional ecosystems and communities, OW’s offshore projects serve as a catalyst for the blue economy and are completely in line with EDP’s sustainability commitments to the environment. Around 40 GW of offshore wind capacity is currently installed globally, and by 2030 and 2050, those numbers are projected to increase to more than 200 GW and more than 1500 GW, respectively.
Ocean commitments
EDP, EDP Renewables, and Ocean Winds recently joined the nine Principles for the Sustainable Ocean, established by the UN Global Compact (a special initiative of the UN Secretary-General dedicated to the mobilization of sustainability of companies), which provide a framework for the practice of sustainable business across all industries and regions. This is one step closer to EDP, EDP Renewables, and Ocean Winds fulfilling their commitments to the ocean. By agreeing to sign, EDP Group affirms its commitment to advancing ocean sustainability for both the present and future generations. It also acknowledges the urgency and global significance of ensuring a healthy ocean.
