May 25 (Renewables now) – Portuguese utility company EDP – Energias de Portugal SA (ELI: EDP) announced Monday that it has committed to invest more than 1 billion euros ($ 1.23 billion) in Spain’s Galicia region over the next decade. . To develop renewable energies and support the local economy in its transition towards a new energy and economic model.
She added that the group will spend the money on technologies ranging from onshore and offshore wind to energy storage and green hydrogen. The money is said to be coming from the clean EDP jar as part of the European Union’s Next Generation Tool and Action Plan for Post-COVID-19 Recovery.
The EDP Group has been operating in the northwestern region of Spain since 1996. Through its renewable energy branch EDP Renovaveis SA (ELI: EDPR), the company is exploiting 264 MW of installed capacity in nine wind farms. It also operates as an electricity distributor through Viesgo Distribución and the Viesgo Begasa owned entity.
The EDP said it is working on projects with several Galician entities that wish to contribute to the transition towards a more sustainable and equitable model, with a focus on revitalizing areas affected by decarbonization.
The Portuguese group does not own or operate coal-fired power plants in Galicia, but some of its Spanish competitors, such as Naturgy Energy Group SA (BME: NTGY) and Endesa SA (BME: ELE), have renewable energy projects. . To the area as soon as they move away from coal.
EDP has two coal-fired power plants in the neighboring Asturias region, with the group intending to pay € 470 million to integrate renewable energy systems at the sites. The company plans to abandon coal entirely by 2025.
(€ 1.0 = $ 1.225)
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