Portugal’s largest utility, Energias de Portugal (EDP.LS), aims to expand its capacity to 500 megawatts (MW) in Germany’s solar market by 2026, according to its chief executive, Miguel Stilwell d’Andrade. Stilwell d’Andrade emphasized Germany’s substantial market size and growth potential, attributing the momentum to a strong pro-environment stance, decreasing costs of renewable technology, and an increased focus on energy as a matter of national security post-Ukraine conflict. He expressed confidence in significant investment opportunities in Europe over the coming years, with Germany being a key market for EDP.
Additionally, EDP, a major shareholder in EDPR (EDPR.LS), acquired 70% of Germany’s Kronos Solar Projects in 2022, aiming to leverage the company’s presence in various European countries. Stilwell d’Andrade highlighted Kronos Solar’s potential for expansion in wind power, hydrogen, and energy storage technologies, emphasizing the importance of storage in the energy transition. The company plans to allocate 25 billion euros ($27 billion) globally to renewables and grids from 2023 to 2026, with 40% earmarked for Europe and a fifth dedicated to Germany.