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Enel (Italy) plans to invest €70bn in renewables over 2021-2030

25 Nov 2020

The Italian energy group Enel has announced plans to invest €190bn in the 2021-2030 period, €150bn of which will be invested through the "Ownership business model". Nearly €70bn will be invested to support the development of 75 GW of additional installed capacity in the company's portfolio, while another €70bn will be deployed in infrastructure and networks, to address quality and resiliency improvements, new connections, and infrastructure digitalization.

Enel's 2021-2023 Strategic Plan for itself foresees €40bn in investments, of which €17bn will focus on renewables thus increasing Enel's installed capacity by 33% in 2023 to 60 GW. The group will further accelerate decarbonization by adding renewable capacity that will more than offset thermal capacity decommissioning. Managed renewable capacity is expected to reach around 8 GW in 2023, i.e. more than double 2020 levels. Furthermore,  demand response capacity will almost double to 10.6 GW in 2023, and ESS capacity will reach 527 MW (four times higher than its 2020 levels).

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