EDP Renováveis, the Spanish renewable energy company has announced that it has signed a long-term contract for a period of 15-years, for the sale of wind energy produced by a park with a total installed capacity of 204 MW in the state of Indiana, US.
The project is expected to be completed by the year 2023. EDP Renováveis (EDPR) has secured the contract, through its subsidiary EDP Renewables North America LLC.
The company has entered into a Power Purchase Agreement (PPA) for the project. The 15-year PPA will thereby provide the cushioning effect from any future risks, and stability for the project to run smoothly for long.
With this new agreement, EDPR has now secured 2.3GW of additional capacity for the United States, which will start operating later this year. In wind and solar energy, the company currently has 5.8 GW of installed capacity in that region, with 6.3 GW in North America, including EDPR's operations in Canada and Mexico.
Recently EDP has announced its Strategic Update for the period 2021-2025, with an unprecedented €24bn plan for investment in the energy transition. 80% of this investment will be in renewables, improving its portfolio across technologies – wind, solar, hydrogen and storage, with a commitment to deploy 4GW per year and double solar and wind capacity by 2025.
EDP’s goal is to have more than 50 GW of renewables additions before 2030, moving production from 74% renewables as of today, to 100% in 2030.
EDPR has recently acquired 85% of the company Omega C2 - reinforcing its commitment to that market - specialized in distributed solar parks, with projects in 16 North American states.
The company is working on three strategic points - accelerated and sustainable growth; a future-proof organization, powered by increased investment in innovation and digital transformation; and the delivery of ESG excellence and attractive returns.