Portugal’s main utility company EDP announced on Thursday an investment of 1.5 billion euros (1.58 billion U.S. dollars) in wind energy captured at sea.
The investment will be made through its subsidiary Ocean Winds, which can generate up to 17 gigawatt (GW) of renewable energy capacity per year, the company said in a statement.
Miguel Stilwell d’Andrade, executive president of EDP, said that the investment will be made through “renewable projects” until the year 2025.
Ocean Winds is a joint venture created by the EDP and French company Engie in July 2020 to capture marine wind energy opportunities around the world.
Since its creation, Ocean Winds has grown from 1.5 GW of projects under construction and 4 GW under development to a total portfolio of more than 11 GW and is now present in seven countries.