Australia currently generates nearly 40% of its total electricity from renewable sources and aims to increase this to 82% by 2030. Credit: richiewato/Shutterstock.

EDP Renewables (EDPR), a subsidiary of Portuguese energy company EDP Group, has acquired ITP Development (ITPD), enhancing its footprint in Australia.

With the acquisition, EDPR adds a portfolio of more than 1.5GW, with a focus on wind and solar projects.

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The projects, located in New South Wales and Queensland, are at varying stages of development.

They include a 480MW solar photovoltaic system and a 200MW battery energy storage system (BESS) project in Queensland, which will be operational by 2026.

EDPR’s expansion in Australia is a strategic move to leverage the country’s robust growth prospects in renewable energy.

Australia is seen as a market with a solid foundation and depth in renewables, and EDPR aims to utilise its global scale and expertise to maximise the potential of ITPD’s local knowledge.

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The company’s strategy includes the greenfield development of significant wind and solar projects, complemented by innovative storage solutions.

The country has an ambitious plan for decarbonisation, positioning it as a market with high potential within the Asia-Pacific region.

It currently generates 38% of its total electricity from renewable sources and aims to increase this to 82% by 2030.

Australia plans to fully transition from coal to renewable energy by 2040, adding 26GW of new capacity.

EDPR is focusing on markets such as Australia, Singapore and Japan, which offer favourable decarbonisation opportunities, clear routes-to-market, regulatory stability and strong climate targets.

In January 2024, EDPR North America and EDPR Canada, two subsidiaries of EDP, began operations at the 297MW Sharp Hills wind farm in Alberta, Canada.

The wind farm, constructed with an investment of C$600m ($474m), will supply power to TC Energy, a Calgary-based power company.