Enel to spend over EUR 5bn on Brazilian renewables, distribution sector - report
Source: Enel Green Power
Italian utility group Enel SpA (BIT:ENEL) will invest more than EUR 5 billion (USD 5.9bn) in distribution and renewable energy in Brazil between 2021 and 2023, newspaper Valor Economico reported.
On Tuesday, Enel presented its 2021-2030 strategic plan, stating that it plans to invest EUR 10.1 billion in Latin America by 2023. This represents 26% of the company's global investment commitment.
Enel CFO Alberto de Paoli said that the Brazilian market is to receive the largest slice of spending planned for the region.
Details on generation capacity additions are scarce, but Enel will work to improve to its foothold in the Brazilian distribution sector, the newspaper reports. CEO Francesco Starace was quoted as saying that the company will be eyeing all the energy distribution assets that are up for sale in Brazil.
At present, Enel owns four energy distributors in the country -- in the states of Sao Paulo, Rio de Janeiro, Ceara and Goias -- including the largest in terms of volume of energy sold, Enel Distribuicao Sao Paulo, formerly Eletropaulo