EDP Brazil Will Undertake Project to Build New Solar Power Plant in the State of São Paulo

Novo Oriente Solar, the name given to EDP’s new solar power plant, is located in the state of São Paulo and is part of the new investment project in renewable energy in Brazil and is the company’s new bet for the country

Last Wednesday, (04/20), the global energy giant EDP announced its latest investment project in renewable energy in Brazilian territory: the construction of the Novo Oriente Solar power plant, which will be located in the state of São Paulo and is the company’s newest bet for the national energy sector over the coming years.

Novo Oriente Solar Power Plant Will Have an Installed Capacity of 254 MW and Is EDP’s Major Bet for the Energy Sector in Brazil in the Coming Years

The global energy company EDP announced its newest project focused on renewable energies in Brazil, a sector that has been growing strongly over the past few years and is a bet by major global companies. Thus, the project is called Novo Oriente Solar and is a massive solar power plant located in the state of São Paulo, which is the major bet of the company to achieve an expansion in installed capacity in Brazil.

Therefore, the plant named Novo Oriente Solar is located in the state of São Paulo, in the municipality of Ilha Solteira, is already authorized, and is expected to begin operations in 2024, with the construction being essential for generating new job opportunities for the residents of the state. Additionally, the project has a power sale contract of 120 MWac, and EDP intends to further expand its ventures and collaborations around this new plant.

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Aiming to invest in expanding the potential for solar energy production in Brazil, EDP’s new plant will have an installed capacity of 254 megawatts of alternating current (MWac) and reinforces EDP Brazil’s strategic orientation, which was presented to the market in the 2021-2025 Strategic Plan, being the largest large-scale project aimed at increasing its share in the Solar Generation segment. Thus, starting in 2024, EDP will be able to leverage the high energy production potential of the plant to invest in new segments of renewable energy in Brazil.

EDP Reports a Profit of R$ 809 Million in the Last Quarter of 2021 and Plans to Expand Results with New Solar Plant in São Paulo

EDP has been increasingly growing in the national market and announced a net profit of R$ 809 million in the fourth quarter of 2021, representing a growth of 15.6% compared to the same period in 2020, showcasing the strength of its presence in Brazilian territory. Moreover, the EBITDA for 2021 rose 27.5% compared to 2020, to R$ 4.3 billion, and the company plans to further expand results by leveraging the new solar power plant in the state of São Paulo.

Thus, President João Marques da Cruz commented in EDP’s results release on the delivery of results and expectations for the future: “We delivered economic results and realized the previously defined strategy. Regarding the results, we generated an EBITDA of R$ 4.3 billion and a net profit of R$ 2.2 billion, with growth of 28% and 43%, respectively. In terms of strategy, we executed the planning through the asset rotation of three transmission lots.”

Now, the state of São Paulo awaits the beginning of the construction of EDP’s new solar power plant so that job opportunities will reach the state’s residents while the company can expand its profits.