Italy’s Enel plans to invest as much as US$190 billion (160 billion euro) by 2030 in boosting renewable power generation, decarbonization, and grid infrastructure as part of a new plan to become a“Super Major”in renewables, Europe’s largest utility said on Tuesday.
Enel also plans to catalyze investments of US$35.5 billion (30 billion euro) from third parties in its plan to accelerate the energy transition.
Of all planned investments, Enel will invest US$83 billion (70 billion euro) in renewables, expecting its total installed capacity in renewables to reach 120 gigawatts (GW) by 2030. This would be 2.7 times higher than its currently installed renewable capacity of around 45 GW.
The utility also targets to reach an 80-percent reduction in direct carbon dioxide (CO2) emissions versus 2017.
“With this new Strategic Plan we are setting a direction for the next 10 years, mobilizing 190 billion euros in investments to pursue our goals in a decade full of opportunities,”Francesco Starace, CEO and General Manager of Enel, said in a statement.
Enel’s shares jumped by more than 3 percent in Milan on Tuesday afternoon after the plan was presented.
