In its new strategic plan for the period 2019-2021, the Italian power utility announced it will invest an additional €10.6 billion in renewable energy projects. It aims to strenghten its position in the markets where it has an integrated presence such as Italy, Spain, Chile and Brazil.
Italian energy company Enel has unveiled its new 2019-2021 strategy – a plan which envisages, among other things, the deployment of an additional 11.4 GW of renewable energy capacity.
The company said it will invest a total of €27.5 billion in its plan, with €10.6 billion devoted to renewable energies. This sum will be primarily invested in those markets where it already has an integrated presence such as Italy, Spain, Chile and Brazil.
The increase in renewable capacity over the plan period is expected to result in around €1 billion of incremental EBITDA, said Enel in a statement released. “In 2021, 62% of Enel Group’s power production is set to be emission-free, vs. 48% estimated in 2018,” it added.
“Since 2015 we have delivered on all of our targets through a significant improvement in cash flow generation, which, combined with an acceleration on growth, has allowed us to increase our shareholder remuneration, raising DPS from 0.16 to 0.28 euros per share in 2018, and expand our pay-out ratio that is set to remain stable at 70% over the plan period,” said CEO Francesco Starace.
In a statement to pv magazine, Enel said it currently owns and operates PV power assets with a combined capacity of 2,238 MW, of which 820 MW are located in Brazil, 492 MW in Chile, 323 MW in South Africa, 202 MW in the United States, 179 MW in Peru, 88 MW in Greece, 62 MW in Panama, 35 MW in Romania, 23 MW in Italy, and 13 MW in Spain.
Furthermore, the company operates other PV plants totaling 1,651 MW, in which it has a share of up to 49%. Of these, 396 MW are located in Italy, 1,089 MW in Mexico, 138 MW in Australia, and 29 MW in the United States.
Source PV Magazine