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Portugal

Portugal

National utility EDP reveals two billion euro renewables spending plan

Of the EUR 5.61 billion Portuguese energy group Energías de Portugal (EDP) is planning to spend up to 2010, EUR 2.1 billion will be invested in renewables, with more than 90% of that earmarked for wind development. Presenting his company's strategic plan in London, António Mexia, made it clear that the planned investment is in addition to any contract won under Portugal's current 1000 MW tender. EDP is the third biggest wind power operator on the Iberian Peninsula and one of the five largest in the world, says Mexia. The company's gross installed wind capacity has doubled since June 2005 to 1108 MW and is forecast to reach 2802 MW in 2008. Mexia says most of the resources earmarked for wind energy will be used to build new wind farms on the Iberian Peninsula, although the company is searching for investment opportunities in the UK, the US, France and Italy. Mexia also announced plans to float its renewable energy unit, EDP Renováveis, next year.

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