Energias de Portugal (EDP) and its subsidiary, EDP Renewables, plan to invest approximately $4 billion to build wind farms in the U.S. through 2012. The target will build on 800 MW, worth more than $1.5 billion, that the company has installed and has under construction this year.
The company says its growth this year is due, in large part, to the implementation by the Department of the Treasury and the Department of Energy's 1603 Program that provided a regulatory framework to accelerate construction of new renewable energy capacity.
‘EDP Renewables is serious about partnering with the United States for a number of reasons, but most of all, because of the leadership we have seen from the federal government,’ says Antonio Mexia, CEO of EDP and chairman of EDP Renewables. ‘The Obama administration and Congress signaled that they are serious about fostering production of renewable energy and that has assured us that America is the right place to invest.’
The announcement comes on the heels of a dedication ceremony for the first phase of the Meadow Lake Wind Farm in Indiana. The 199.65 MW project was developed by EDP Renewables subsidiary Horizon Wind Energy.
SOURCE: EDP Renewables