The French state-owned utility EDF is aiming to become the market leader in Europe market in the electricity storage segment. The company is investing 8 billion euros to reach its target in 17 years' time, i,e from 2018 to 2035.
The company is already operating with 5 GW storage capacity; the company said that it is looking to develop storage capacity of 10 gigawatts by 2035 worldwide.
The company is aiming towards retail power sector clients in storage batteries segment. The company is already operating in industrial sized batteries and hydropower plants (pump storage). The company is aiming to become the market leader in the European and French markets.
The company is also looking for local partnerships and in Africa region, the company aims to acquire 1.2 million off-grid clients.
"With storage, we can smooth out the intermittency of renewable energy and guarantee the performance and balance of the grids," EDF chief executive Jean-Bernard Levy said to the reporters.
Levy didn't disclose the pathway of investing 8 billion euros when asked for the breakdown by local reporters. He added that the company is aiming at increasing its research and development into power storage. The timeline for the same is two years (from 2018 to 2020) of 70 million euros.
In the same period of next two years, the company is planning to invest a heavy amount into power storage linked project and start-ups.
EDF said that in December it would invest 25 billion euros in installing solar projects of 30 gigawatts. The funds for these solar projects would be by equity partners or project financing or loans.