December 7 (Renewables Now) - Italian energy group Enel SpA (BIT:ENEL) will invest BRL 3.1 billion (USD 799.1m/EUR 702.6) in the former Eletropaulo, now rebranded as Enel Distribuicao Sao Paulo (BVMF:ELPL3), over the next three years.
The estimated investment will be made in the period 2019-2021, focusing on network digitalisation and the installation of automated and remotely controlled systems, allowing for real-time management and monitoring, as well as boosting grid efficiency and reliability.
The name change happens six months after the European company bought the majority of shares in the Brazilian power distributor. It now holds 93.3% of its total and voting capital, according to a previous statement.
In addition to rebranding Eletropaulo, the company will open the first Enel X office in Sao Paulo early next year. It will offer products and services such as smart lighting for cites, smart home solutions for customers, energy efficiency projects for industries and electric mobility solutions.
Currently, the Enel Group has roughly 17 million customers in Brazil. In regards to power generation, the company has some 3 GW of installed renewables and over 300 MW of combined cycle gas turbine (CCGT) capacity. It also owns and operates two transmission lines totalling 2,100 MW, that connect the country to Argentina.
(BRL 1 = USD 0.26/EUR 0.23)