EDP Renewables surpasses the 1 GWp installed capacity milestone in Asia Pacific
EDP Renewables has more than doubled its installed solar capacity in the Asia Pacific region, from approximately 480 MWp in February 2022 to more than 1 GWp. This is an important milestone for the company as it showcases its steadfast commitment to driving the energy transition across the Asia Pacific region.
EDPR has a pan-regional presence across nine markets in Asia Pacific with a focused installed capacity, namely 510 MWp (50%) in Vietnam, 335 MWp (33%) in Singapore, 100 MWp (10%) in China, and 75 MWp (7%) in the rest of APAC markets, including Japan, Taiwan, and Malaysia.
This 1 GWp installed capacity portfolio comprises 53% distributed solar generation (DG) and 47% utility-scale solar projects. Notably, DG solar has emerged as one of the company's fastest-growing segments, and installed capacity is expected to expand threefold in the Asia-Pacific region by 2026. This growth is underpinned by escalating decarbonization targets in the region.
“This significant milestone of achieving 1 GW underscores our commitment to accelerate the energy transition in the Asia Pacific region. We continue to see attractive investment opportunities in APAC and have a target of 2.4 GW of renewable installed capacity in this region by 2026”, says Miguel Stilwell d’Andrade, EDP’s CEO.
Earlier this year, EDPR updated the market with its strategic plan, reinforcing its commitment to lead the energy transition through accelerated and sustainable growth while creating superior value for our shareholders and worldwide targets of €20 billion investment, 17GW total additions, and ramp-up yearly additions to 4GW for the 2023-26 period. 7% of this investment will be in Asia Pacific, where the company intends to surpass 2GW installed capacity by 2026, stepping up average yearly additions to 0.3GW. The expansion strategy encompasses behind-the-meter DG projects, serving businesses and governments, and in-front-of-the-meter projects contributing to grid sustainability.
Since its establishment in the APAC platform, EDPR already doubled its installed capacity and has the ambition to, throughout this critical decade, become a leader in the region.