en.Wedoany.com Reported - Portuguese energy group EDP announced it will invest €1.3 billion (approximately $1.5 billion) in France over the next four years to develop 1 GW of solar, wind, and energy storage projects.
The plan was unveiled by EDP at the 9th "Choose France" summit held last week in Versailles, France. The summit aims to attract international investment to France, and French President Emmanuel Macron stated at its conclusion that a total of €93 billion in investment commitments were secured across multiple sectors, including energy and artificial intelligence.
EDP will channel funds into offshore and onshore wind, solar, and energy storage projects across France through its subsidiary EDP Renewables and its joint venture Ocean Winds with French energy company Engie. The company has already developed 800 MW of solar and wind projects in France.
EDP Group CEO Miguel Stilwell d'Andrade stated that France plays a key role in Europe's energy transition, and EDP is committed to supporting countries that choose low-carbon and sustainable energy as a lever for energy independence.
EDP Group noted that France and Europe will play a critical role in its business plan through 2028. The plan aims to invest €12 billion across four global regions, with 70% allocated to wind, solar, and energy storage, and 30% to grid development.
EDP places this investment in the context of Europe's growing focus on energy security. The company claims that a strong presence of solar and wind power in the energy system enhances system resilience and protects the economy from geopolitical crises through locally produced "electricity shields." Its statement also noted that the current environmental and geopolitical situation requires accelerating the deployment of new decarbonized generation capacity to reduce dependence on fossil fuel imports.
Last week, International Energy Agency (IEA) Executive Director Fatih Birol stated that the energy crisis triggered by the US/Israel-Iran conflict will reshape global energy investment strategies. The IEA expects that by 2026, global investment in grids, energy storage, low-emission fuels, nuclear power, renewables, energy efficiency, and electrification will be nearly double that in fossil fuels, despite high oil and gas prices in global markets. However, the agency added that nearly three-quarters of these 2026 investments were decided before the energy crisis began, meaning the true impact of the crisis has not yet fully materialized or been realized.
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