EDP to focus investments in two thirds of its markets

EDP, one of the largest companies investing in wind energy worldwide, has announced that it will prioritise investments in around 20 growing markets or two-thirds of the countries where it has investments and operations.

This is according to its CEO Miguel Stilwell d’Andrade in an interview with Bloomberg.

Although EDP operates in 28 countries, the focus will be in Europe, the United States, South America and South Asia-Pacific. The decision was made at a time in which the largest wind energy producers have reduced their expansion plans because of an increase in costs and persistent supply chain problems in industry.

It is not alone. The Danish company Orsted – former Galp CEO Andy Brown is a board member — said it was reducing plans for new projects, and Siemens Energy has made significant losses in wind investments. However, EDP will continue its objective to invest €25Bn between 2023 and 2026, focused on these 28 countries.

In the case of the Asia-Pacific, investment growth will be focused on Singapore, Australia and Japan because they are low risk and have strong currencies.

In February 2022, EDP Renovavéis acquired a majority share (91%) in Singapore’s Sunseap, the largest solar energy distribution company in and one of the top four solar energy companies in South-East Asia for €600 million.

In January, EDP Renováveis, which acquired the Australian company ITP Development (ITPD), with a view to develop wind energy, solar and energy storage projects, Australia being one of the largest potential markets in the Asia-Pacific region.