Italian energy company Enel expects to have 154GW of renewable energy capacity by 2030, up from a previous expectation of 145GW.
Enel has also brought forward a net zero emissions commitment to 2040 from 2050 for both direct and indirect discharges.
The Group expects to mobilise €210bn between 2021 and 2030, of which it will directly invest around €170bn through the Enel’s ownership and stewardship business models.
The €170bn is up 6% on the company’s previous plans.
Enel said €160bn will be spent through the ownership model with €70m to go on renewables.
This will add about 84GW of capacity, of which 9GW is storage, leading to 129GW of consolidated installed clean power capacity by 2030.
Some €10bn will be spent on the stewardship model, which Enel expects will catalyse a further €40bn from third parties.
Enel said it is planning to exit coal generation by 2027 and gas generation by 2040, replacing its thermal fleet with new renewable capacity as well as leveraging on the hybridization of renewables with storage solutions.