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Endesa aims at 8.4 GW of renewables in 2021

Wind turbines in Spain. Author: petter palander. License: Creative Commons, Attribution 2.0 Generic

November 22 (Renewables Now) - Spanish utility Endesa SA (BME:ELE) expects to add close to 2 GW of renewable energy generating capacity by 2021 and end up with a total of 8.4 GW, according to a new presentation by the company.

Wind and solar power will account for the entire 30%-plus increase in renewables over the period. Together, these sources currently represent 1.8 GW of capacity and are expected to reach 3.7 GW in 2021, Endesa’s 2019-2021 Strategic Plan shows. In terms of output, wind and solar power is seen to grow to 8.2 TWh in 2021 from 3.7 TWh in 2018.

At the same time, hydropower capacity is expected to remain at the same level as in 2018 -- 4.8 GW. Regardless of that, the output is seen to fall to 7.5 TWh in 2021 from 8.5 TWh in 2018.

From a financial point of view, Endesa anticipates to boost net profit to EUR 1.8 billion (USD 2.05bn) in 2021 from EUR 1.4 billion in 2018, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising to EUR 4 billion from EUR 3.5 billion driven by an increase in capex.

The table below gives more details about the company’s Net Capex Plan for the period 2018-2021.

Year Net Capex Renewables portion
2018e EUR 1.4bn 22%
2019 EUR 1.8bn 39%
2020 EUR 1.6bn 32%
2021 EUR 1.6bn 29%

(EUR 1.0 = USD 1.140)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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