Enel is planning to add almost 12GW of new renewables capacity between 2019 and 2021, as clean power becomes the company’s “engine for industrial growth”.
The Italian company said it will be investing about €10.6bn during the period in clean power that would result in about 11.6GW of new capacity.
The proposals, which were announced today as part of Enel’s 2019-2021 strategic plan, would see renewables account for about 62% of the company’s output by 2021, up from approximately 48% in 2018.
Some 42% of the company’s gross capex of €27.5bn will be devoted to renewables over the period, with networks taking 40%. Only 9% will go to thermal generation, which will see a fall in capacity of around 7GW.
Enel said the increase in renewables capacity is expected to generate about €1bn in incremental earnings before interest, tax, depreciation and amortisation during the period.
Enel chief executive Francesco Starace said: “Renewables and network operations drove our investment strategy that is focused on a shorter time to market and a higher degree of flexibility to better cope with the progressive transformation of the industry.”