EDP bags €700 million for 1.9GW southern Europe renewables portfolio
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Portuguese utility EDP has secured €700 million in loans from the European Funding Financial institution (EIB) to beef up the pattern of over 1.9GW of renewable energy capacity and distribution grid enhancements in Spain, Portugal and Italy.
The first, greater mortgage of €500 million will beef up EDP’s pattern plans for stutter voltaic PV and onshore wind power projects in Spain, Italy and Portugal. Every country will host spherical one third of EDP’s deliberate 1.943GW portfolio. The mortgage turn into as soon as issued as the first tranche of an agreed €900 million green framework mortgage from the EIB.
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EDP acknowledged the venture will make a contribution up to 1.6GW of stutter voltaic PV and 384MW of wind projects to its purpose as a map to add 18GW of new renewable energy capacity by 2026.
The 2d, €200 million mortgage will reduction the utility in increasing, setting up and digitising its power grids in Spain and Portugal. As power inquire of grows and Europe pursues elevated electrification, distribution networks must be more resilient and big. Grids are widely acknowledged as one of many vital boundaries to the energy transition within the developed world.
EDP acknowledged its plans will consist of “the modernisation of crucial infrastructure, in conjunction with the refurbishment and expansion of overhead lines and underground cables, upgrades to substations, transformers, and the implementation of digital solutions, comparable to natty meters.”
A document from consultancy DNV earlier this month acknowledged that congestion within the transmission grid would pose a roadblock to renewable energy pattern in Spain within the advance term. On the different hand, the document acknowledged that financial commitments, expansion and technological trends would carve congestion within the prolonged flee by map of 2050.
The 2d mortgage may presumably possibly be the first tranche of a nearer framework agreement – an €800 million funding mortgage.
Rui Teixeira, CFO of EDP Community acknowledged: “These loans revive the prolonged-term relationship between EDP and EIB and are entirely aligned with the Community’s financial policy to lengthen the life like maturity of its debt portfolio, reinforcing its financial flexibility.”
Earlier this month, EDP commissioned a 103MW stutter voltaic PV portfolio in Italy. This marked a step on the company’s path in direction of elevated stutter voltaic PV capacity pattern, having traditionally centered more on wind power.
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