Enel to add 43GW of solar by 2030 as part of US$191bn plan

Facebook
Twitter
LinkedIn
Reddit
Email
The Roadrunner Solar 2 project, one of Enel Green Power’s existing solar sites in the US. Image: Enel Green Power.

Italian utility Enel will invest around €70 billion (US$78 billion) by 2030 to scale up its renewables and energy storage portfolio as it brings forward plans to reach net zero to 2040.

As part of a new strategic vision published today (24 November), the company revealed plans to add 84GW of renewables – including around 43GW of solar and 9GW of energy storage – by the end of this decade, when its total owned renewables capacity will reach 129GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Under both its ownership and stewardship models, the Enel Group expects to reach a total renewables capacity of approximately 154GW, tripling its 2020 portfolio.

With €170 billion (US$191 billion) of direct investments by 2030, the company’s plan is pivotal, said Enel CEO Francesco Starace, adding: “Its implementation is enabling us to step up from the previous decade of renewable energy discovery to the current decade of electrification.”

The group said the updated strategy will allow it to bring forward its net zero commitment by ten years, from 2050 to 2040, as well as help reduce its customers’ carbon footprint by 80%.

It is planning to exit coal generation by 2027 and gas generation by 2040, replacing its thermal fleet with new renewable capacity as well as leveraging on the hybridisation of clean energy with energy storage solutions.

The evolution of the generation fleet is expected to result in a 50% EBITDA growth for the group’s renewables arm, Enel Green Power, from €5.8 billion estimated in 2021 to €8.7 billion in 2024.

Enel’s current solar presence spans markets such as Spain, Portugal, Chile, Brazil and Mexico, thanks in part to a series of successful results in auctions and tenders.

The company bolstered its position in the US earlier this year through the acquisition of a portfolio of 24 development-stage solar and solar-plus-storage projects with a combined capacity of 3.2GWdc.

Meanwhile, Enel’s 3SUN module manufacturing subsidiary revealed earlier this year is looking to ramp up annual production capacity to 3GW in 2023, up from the current 200MW level.

Enel’s updated targets follow other European utilities that are aiming to increase their renewables investments, with Germany’s RWE earlier this month announcing an ambition to have 50GW of green generation capacity by 2030, the same figure that Danish utility Ørsted is looking to reach.

12 March 2024
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA