LONDON, Oct. 18 (Reuters) – Electricity company Energias de Portugal (EDP.LS) (EDP) plans to invest 12.86 billion pounds ($ 17.65 billion) in wind and solar projects in Greater -Brittany by 2030 as the country strives to reduce its emissions to net zero by mid-century.

EDP ​​plans to invest through its subsidiary EDP Renovaveis (EDPR) (EDPR.LS), the world’s fourth largest producer of renewable energy, which has 1 gigawatt (GW) of offshore wind capacity under construction and 0.9 GW in development in Great Britain.

EDP’s largest wind investments are in the US market, but the company is keen to explore other opportunities that allow it to play a leading role in the UK’s energy transition.

“The UK is a central market for us. We like it because it is stable, predictable and has a long-term vision,” Miguel Stilwell d’Andrade, managing director of Andrade, told Reuters. EDP ​​and EDPR, in an interview in London.

“I think the UK and Europe both have a very forward-thinking approach to climate change and energy transition. They are committed to implementing the energy transition,” he added.

The £ 13bn investment comes on top of a £ 2.65bn investment by Ocean Winds, EDP’s 50-50 joint venture with French electrician Engie (ENGIE.PA), in the projects offshore wind turbines from Moray East and Moray West in Scotland, EDP mentioned.

EDP ​​plans to invest an additional £ 2.2 billion in the Moray West project, construction of which is expected to begin in 2022.

The company has bid on the ScotWind Leasing tender, which aims to support the development of offshore wind capacity.

EDP’s joint venture, Ocean Winds, has submitted bids in the tender and is targeting a minimum of 3.9 GW between a floating and fixed offshore wind project. Capital expenditure for both would be £ 10 billion. Initial offers in ScotWind will be made to successful applicants next January.

Britain has the world’s largest offshore wind market, with around a third of all offshore wind capacity installed by the end of 2020.

It plans to produce a third of its electricity from offshore wind farms by 2030 as part of its own efforts to achieve net zero carbon emissions by 2050.

ONSHORE WIND PROJECTS

EDP ​​has announced plans to invest around £ 660million in onshore wind projects in the UK over the next five years, underlining its efforts to diversify its presence in Britain.

In July, it acquired onshore wind and solar portfolios with a capacity of 544 MW. Read more

EDP ​​said it is negotiating with local partners over 200 MW of onshore wind projects. Typically, it will target projects ranging in size from 30 to 70 MW in northern Britain and Scotland, Andrade’s Stilwell said.

He added that the company was not yet close to announcing details of onshore projects or partners.

Last month, the UK government announced the biggest bidding round of its renewable energy support program, which will open in December and will include onshore wind and solar for the first time.

In the last auction, the cost of offshore wind fell to around 40 pounds per megawatt hour (MWh), far less than the current wholesale electricity price of around 175 pounds / MWh.

Wholesale electricity prices have skyrocketed in Britain this year as global gas prices have skyrocketed due to the recovery in post-pandemic demand, low inventory volumes, blackouts infrastructure and other factors. Read more

EDP ​​said earlier this year that it wanted to phase out coal-fired power generation by 2025 and produce power solely from renewable sources by the end of the decade.

Outside Britain, Andrade’s Stilwell said EDP is keen to expand its presence in Asia, particularly South Korea and Vietnam.

($ 1 = 0.7288 pounds)

Reporting by Marwa Rashad and Nina Chestney; edited by Jason Neely and Jonathan Oatis

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