Enel announces plans to invest in 11.6GW of renewable energy capacity

Enel, a manufacturer and distributor of gas & electricity, has reportedly publicized its plans to invest €10.6 billion in the coming three years in the production of 11.6 GW of renewable energy, comprising 6.1 GW of wind energy and about 7 GW of thermal energy.

In a corporate presentation describing its 2019-2021 business plan, Enel stated that it is targeting carbon-free development to surge to 62 percent from 48 percent of its total this year.

According to Francesco Starace, Chief Executive Officer, Enel, through this business plan, is pushing its development of renewables by leveraging its technological and geographical presence and business expertise.

Reportedly, Enel’s plan demonstrated total wind capacity surging from 8.1 GW at 2018 end to 14.2 GW, whereas solar capacity is likely to surge from 1.9 GW to 5.2 GW. Moreover, minor increase in geothermal and hydro power are also planned.

If reports are to be believed, the company envisages an exit from around 600 MW in renewable developments in the coming three years as per its asset rotation strategy.

Speaking of wind energy, production in Central and North America is anticipated to double, from 2.9 GW to 5.8 GW, claim sources. In South America, production is projected to surge from 1.6 GW to 3.1 GW, and wind production in Iberia is set to advance from 1.8GW to 2.6GW, cite trusted sources.

According to market experts, Enel’s wind energy capacity in its home market Italy will surge 200 MW to reach 1 GW.

In the meantime, the capacity in other North Africa and European countries would increase 0.4 GW to 1.1 GW and in Asia, Oceania, and Africa by 0.3 GW to 0.7 GW, cite credible sources.

Combined with the U.S., where Enel has been engaged in various corporate PPAs in the last few years, interest in business deals has now also developed in Mexico and Latin and Central America, Starace noted.