Portugal’s EDP set to invest $500 mln in Brazil solar energy sector by 2026 – EQ Mag
Portuguese power company EDP has announced its plans to invest 2.3 billion reais ($477.99 million) in solar energy plants in Brazil by 2026. The company aims to increase its portfolio of renewable projects and will focus on distributed solar energy generation plants. With this investment, EDP plans to reach a total capacity of 530 megawatts-peak (MWp) in Brazil.
Distributed generation, which involves a single solar project serving multiple customers, has been the driving force behind the growth of solar energy in Brazil. The country has already surpassed 20 gigawatts of power in distributed solar energy generation this year.
EDP currently controls solar farms in nine Brazilian states and plans to build 50 new plants in the country this year. This will nearly triple its existing installed capacity to 260 MWp.
EDP’s investment in Brazil is part of its global effort to increase its share in solar projects designed for household and business consumption. The company plans to invest 2.5 billion euros ($2.73 billion) in the coming years to install 4 gigawatts-peak in solar projects worldwide.
The Brazil CEO of EDP, Joao Marques da Cruz, stated that Brazil has significant wind and solar potential, making it a priority for investment. Last month, EDP acquired an additional 32% of its Brazilian unit, EDP Energias do Brasil, with a investment of 4.4 billion reais. This is part of the company’s strategy to de-list the subsidiary and simplify its business structure.
