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Europe's biggest utility Enel to invest € 160 billion by 2030 to step up clean drive

Europe's biggest utility Enel to invest € 160 billion by 2030 to step up clean drive

Rome, November 25 - Neftegaz.RU. Italian utility company Enel will spend € 160 billion in the 2021-2030 period and mobilise even more, seeking to cement its position as the world’s largest renewable energy producer outside China and to capitalize on the shift to green energy.

Nearly half will be devoted to Global Power Generation, with Renewables totaling around € 70 billion, which are expected to lead to around 120 GW of installed capacity by 2030, 2.7 times higher than the approximately 45 GW currently installed. The Group will reach an 80% reduction in direct CO2 emissions versus 2017 .

The group plans to directly invest around €160 billion, of which over € 150 billion through the Ownership business model and around € 10 billion through the Stewardship business model. Enel also plans to catalyze investments of € 30 billion from 3rd parties in its plan to accelerate the energy transition.

Ordinary core earnings to 2023 are expected to grow by 5-6% per year while net debt will grow to € 57-58 billion to help fund growth.

Francesco Starace, CEO of Enel said: “With this new Strategic Plan we are setting a direction for the next 10 years, mobilizing € 190 billion in investments to pursue our goals in a decade full of opportunities. 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.”

Enel is a multinational power company and a leading operator in the power and gas markets of Europe and Latin America, operating in 32 countries across 5 continents, generating energy with a managed capacity of more than 88 GW. The company owns and operates hydroelectric, thermoelectric, nuclear, geothermal, wind and solar power plants, as well as other renewable energy assets.

In Russia, Enel owns 56.4% of Enel Russia (a power generating company), – and 49.5% in Rusenergosbyt (an electricity sales company).