L R AS Published on Sunday 28 November 2021 - n° 384 - Categories:industrial strategy
Enel's great ambition in RE
Italian utility Enel will invest around €70 billion ($78 billion) by 2030 to add 84 GW of renewable energy - of which around 43 GW
of solar energy and 9 GW of energy storage. Its total owned renewable energy capacity will then reach 129 GW.
The Enel Group plans to reach a total renewable energy capacity of around 154 GW, tripling its 2020 portfolio, which would have required a direct investment of €170 billion by 2030. By accelerating its investments, this allows it to reduce its net-zero commitment from 2050 to 2040 and help reduce its customers' carbon footprint by 80%. Coal will be phased out by 2027 and gas generation by 2040.
This shift in generation mix is expected to lead to a 50% growth in EBITDA for the renewable energy arm, Enel Green Power. It will increase its EBITDA from an estimated EUR 5.8 billion in 2021 to EUR 8.7 billion in 2024.
In early 2021, the group strengthened its position in the US with the acquisition of a portfolio of 24 solar projects with storage under development with a combined capacity of 3.2 GWp.
The panel production subsidiary (3Sun) aims to increase its capacity from the current 200 MW to 3 GW by 2023.
Other European utilities (RWE, ...) have announced their intention to increase their investments in RE.
PV Tech of 24 November 2021
Editor's note: This investment volume is only available to large energy companies.
An interesting piece of information is missing: what is Enel's current installed production? How does the 129 GW envisaged in 2030 compare to the current capacity (how will Enel evolve in its available capacity)?