EDF looks to expand Brazilian renewables portfolio to 2 GW
French company EDF Energies Nouvelles is planning to invest about $1.8bn in renewable energy in Brazil and aims to boost its portfolio to 2 GW. The company's Brazilian chief Paulo Abranches said expansion would be "organic" rather than through mergers and acquisitions, with deals taking place only when there is an attractive opportunity. EDF has 350 MW of capacity operating in Brazil and 250 MW under construction.

EDF Energies Nouvelles (EDF EN) is targeting a portfolio of 2 GW of renewables in Brazil in the coming years, Reuters reported on Wednesday.

Brazil is one of the eight priority markets for the company. It is planning to invest roughly BRL 6 billion (USD 1.8bn/EUR 1.6bn) in new wind and solar projects there, Brazilian unit head Paulo Abranches said at a meeting with Brazilian journalists.

The expansion in Brazil will be organic with acquisitions not being in the company's plans. Deals will only happen when there is a very attractive opportunity, Abranches added.

Currently, the company has 600 MW in the states of Bahia and Minas Gerais, of which 350 MW are in operation and the remaining 250 MW are in construction. This alone represents around BRL 3 billion in investments and the BRL 6 billion would come in addition to that, EDF EN noted.

(BRL 1 = USD 0.307/EUR 0.265)

Choose your newsletter by Renewables Now. Join for free!