Portugal’s diversified energy producer, EDP, will invest more than 9 billion euros, of the total amount earmarked for energy transition, in the US, one of the company’s main markets, the company’s CEO announced on Wednesday.
Classifying the challenges imposed by the Paris Agreement, namely carbon neutrality, as an “excellent opportunity” for EDP, Miguel StilWell d’Andrade noted that the company “will invest 24 billion euros in energy transition”, 80% of which will be for renewables.
It is worth highlighting, in this scope, an investment of over 9 billion euros in the North American market, in the next five years.
The head of the electricity company, who was speaking at the Transatlantic Economic and Trade Summit, organised by the American Chamber of Commerce in Portugal, also highlighted the “strong” relationship between Portugal and the US, a market where the company has been investing for around 14 years.
“We have a huge challenge ahead of us. The Paris agreement requires the reduction of emissions by 2050. It’s a huge challenge from an energy and economic sector point of view. We need to decarbonise and electrify the economy and be more efficient,” he stressed.
In February, the company had already announced that it will invest 24 billion euros in the energy transition, of which 19.2 billion euros (80%) in renewable energies by 2025, which includes wind, solar, green hydrogen and energy storage technologies.
This forecast is included in its strategic plan for the period 2021-2025 and which, according to EDP, reinforces “its position as a leader in energy transition with an unprecedented investment plan”.