ENDESA has announced a €31 billion investment in ‘green’ energy production in Spain and Portugal through to 2030.
The news comes as Endesa and other power providers like Iberdrola face a windfall tax next year from the Spanish government on excess profits made as a result of wholesale price hikes.
Endesa plans to increase its renewable energy capacity to about 24 GW in 2030 from 7.8 GW last year across the Iberian Peninsula.
This will take up 40% of its long-term investment target, and another 40% will go to strengthening power grids to help them cope with the more intermittent nature of renewable power.
Endesa has promised to spend €7.5 billion in 2022-2024, less than the €7.9 billion euros originally proposed for the 2021-2023 period, but the target to 2030 has gone by almost a quarter.
The short-term figure does not include money that the Spanish government will get from the European Union’s COVID recovery fund, which Endesa might receive.
Endesa Chief Executive Jose Bogas said his company had submitted plans for projects worth €23 billion that would be eligible for EU funding.
Borgas added that he was waiting for the Spanish government to establish a system to distribute the EU money.
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