Enel plans to lift total renewables capacity to 154 GW by 2030

Enel's Fontes Solar 2 plant in Brazil. Source: Enel

November 24 (Renewables Now) - Enel SpA (BIT:ENEL) expects to triple its total renewable capacity to around 154 GW by 2030, the Italian utility giant said today as it presented its 2022-2024 strategic plan and 2030 vision.

Between 2021 and 2030 the company expects to mobilise EUR 210 billion (USD 236bn) of investment, including EUR 170 billion of direct investment by the Enel Group. The latter includes around EUR 70 billion of spending on renewables, the same as in the previous plan, to add about 84 GW of capacity, including 9 GW of storage, taking Enel’s consolidated installed renewable capacity to 129 GW by 2030. This is targeted mainly at countries where Enel has an integrated or potentially integrated presence such as Italy, Spain, Romania, the US, Brazil, Chile, Colombia and Peru.

The planned investment in Infrastructure and Networks has been increased by EUR 10 billion compared to the previous plan to EUR 70 billion.

Enel’s boss Francesco Starace said this year’s plan enables the company “to step up from the previous Decade of Renewable Energy Discovery, to the current Decade of Electrification.”

The utility will work to promote electrification of consumption, aiming to raise electricity sales by almost 30% by 2030. It will also focus on boosting beyond commodity services such as public electric mobility or behind-the-meter storage.

It says that electrification combined with renewables will create value to customers, leading to a reduction of up to 40% on their energy spending.

The group is also bringing forward its net-zero target to 2040 from 2050 both for direct and indirect emissions. By 2040 all of its electricity sales are projected to come from renewables.

Over the 2022-2024 period, Enel plans to directly invest EUR 45 billion. Around EUR 19 billion will be channelled to renewables, with the company’s total renewable capacity expected to reach 77 GW, up from 54 GW estimated at the end of 2021.

Below are some of Enel’s financial targets:

Earnings growth 2021E 2022 2023 2024
Ordinary EBITDA (EUR billion) 18.7-19.3 19-19.6 20-20.6 21-21.6
Net ordinary income (EUR billion) 5.4-5.6 5.6-5.8 6.1-6.3 6.7-6.9

(EUR 1 = USD 1.126)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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