Enel intends to increase its installed renewables capacity to 120GW by 2030, from around 45GW today, as part of its 2021-2030 strategic vision.
Renewables investment will total around €70bn, which will be accomplished by leveraging a growing pipeline of more than 140GW, Enel said.
The group will add some 75GW, “well balanced” between solar and wind.
Plans also include investing €5bn in the “hybridisation” of renewables with battery storage, with the potential to reach around 20 terawatt-hours by 2030.
In the 2021-2023 period, Enel said it plans to directly invest around €40bn.
Of this amount €16.8bn will be invested in development of more than 15.4GW of new renewables capacity.
In the 2021-2023 period, the group will “significantly decarbonise” its generation mix, with additional renewable capacity more than offsetting the closure of coal plants.
Enel said “significant opportunities” are also due to come from the green hydrogen segment, where the group plans to integrate electrolysers with renewable energy plants producing electricity for direct sale or ancillary services, with green hydrogen also being sold to industrial customers.
Enel said it plans to grow its green hydrogen capacity to over 2GW by 2030.
Enel said it will create value through two complementary business models.
The ownership business model will entail direct investments in renewables, networks and customers, backing long-term sustainable growth with platform-based operating models.
The stewardship business model, whereby the group provides “key services, products or knowhow enabled by platforms catalysing investments of third parties to maximise value creation” will be operated through offering services to third parties, launching new products and services and through joint ventures and partnerships, Enel said.
In 2021-2030, Enel plans to invest more than €150bn through the ownership business model, which includes the €70bn targeting renewables capacity building, and roughly €10bn through the stewardship business model, while “further catalysing” around €30bn from third parties.
Enel said it expects to have a regulated asset base of grid infrastructure and networks Around 46% is expected to be deployed in infrastructure and networks, worth €70bn by 2030.
Group ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to increase at a 5-6% compound annual growth rate while net ordinary income is expected to increase at a 6-7% CAGR between 2020 and 2030, Enel said.
Enel CEO Francesco Starace (pictured) said: “With this new strategic plan we are setting a direction for the next 10 years, mobilising €190bn in investments to pursue our goals in a decade full of opportunities.
“To realise this vision, we can leverage on our clear leadership in the utility sphere across three main elements, all driven by an innovative platform-based model.
“First, as a ‘Super Major’ in the renewable sector, we operate the world’s largest private generation fleet.
“Furthermore, we have an unparalleled global network system, where the platform-operating model drives improvements in quality, resiliency, efficiency and flexibility.
“Last but not least, we count on the largest customer base worldwide to which, through our business platforms, we provide innovative services and integrated offerings. Throughout the decade, we will strengthen the creation of sustainable shared value for all stakeholders, which is also embedded in an attractive remuneration for our shareholders.”