* Britain has largest offshore wind market in the world
* Britain and Europe ahead in energy transition - CEO
* EDP to invest 2.2 bln stg in Morway West offshore project
* Plans to invest 660 mln stg in UK onshore wind
LONDON, Oct 18 (Reuters) - Power company Energias de
Portugal (EDP) plans to invest 12.86 billion pounds
($17.65 billion) in wind and solar projects in Britain by 2030
as the country strives to lower its emissions to net zero by
EDP plans to invest via its subsidiary EDP Renovaveis (EDPR)
, the world's fourth largest renewable energy producer,
which has 1 gigawatt (GW) of offshore wind capacity under
construction and 0.9 GW under development in Britain.
EDP's largest wind investments are in the U.S. market but
the company wants to explore further opportunities which allow
it to play a leading role in the UK's energy transition.
"The UK is a core market for us. We like it because it is
stable, predictable and there is a long term vision," Miguel
Stilwell d'Andrade, chief executive of EDP and EDPR, told
Reuters in an interview in London.
"I think the UK and Europe both have a very forward-thinking
approach to climate change and the energy transition. They have
the commitment to implement the energy transition," he added.
The 13-billion pound investment is in addition to a 2.65
billion-pound investment by Ocean Winds, EDP's 50-50 joint
venture with French utility Engie, in the Moray East
and Moray West offshore wind projects in Scotland, EDP said.
EDP plans to invest a further 2.2 billion pounds in the
Moray West project, which is due to start construction in 2022.
The firm has bid in the ScotWind leasing tender, which is
aimed at supporting the development of offshore wind capacity.
EDP's joint venture, Ocean Winds, submitted bids in the
tender and is targeting a minimum of 3.9 GW between a floating
and fixed offshore wind project. The capital expenditure for
both would be 10 billion pounds. Initial offers in ScotWind will
be made to successful applicants next January.
Britain has the largest offshore wind market in the world,
with around a third of all installed offshore wind capacity at
the end of 2020.
It plans to generate a third of its electricity from
offshore wind farms by 2030 as part of its own efforts to reach
net zero carbon emissions by 2050.
ONSHORE WIND PROJECTS
EDP said it plans to invest around 660 million pounds in UK
onshore wind projects over the next five years, which underlines
its efforts to diversify its presence in Britain.
In July, it acquired onshore wind and solar portfolios with
capacity of 544 MW.
EDP said it is negotiating with local partners over 200 MW
of onshore wind projects. Typically it will target projects of a
30 to 70 MW size in the north of Britain and Scotland, Stilwell
He added that the company was not close to announcing
details of the onshore projects or partners yet.
Last month, the UK government announced the biggest auction
round of its renewable energy support scheme, which will open in
December, and will include onshore wind and solar for the first
In the last auction, the cost of offshore wind fell to
around 40 pounds per megawatt hour (MWh), much less than the
current price of wholesale power of around 175 pounds/MWh.
Wholesale power prices have rocketed in Britain this year
due to global gas prices that have soared due to post-pandemic
demand recovery, low inventory volumes, infrastructure outages
and other factors.
EDP said earlier this year it wanted to abandon coal-fired
power generation by 2025 and produce energy only from renewable
sources by the end of the decade.
Outside Britain, Stilwell d'Andrade said EDP is interested
in expanding its presence in Asia, particularly South Korea and
($1 = 0.7288 pound)
(Reporting by Marwa Rashad and Nina Chestney; editing by Jason
Neely and Jonathan Oatis)