Enel announces $10bn 2020 plan to boost clean energy
Italian renewable energy developer has announced plans to invest $9.9 billion over the next 5 years to expand in Brazil, Chile and Mexico
Enel Green Power, the Italian renewable energy developer, has announced plans to invest $9.9 billion over the next 5 years to expand its clean energy generation capacity.
The company is aiming to add 7.1 GW of new capacity by 2020 and the majority of the new investment will be targeted for the emerging markets of Brazil, Chile and Mexico.
Enel has been very active in the development of solar and wind energy applications in South America in recent years and the new capital investment initiative is aimed at boosting this further.
The company has also participated in auctions under South Africa’s Renewable Energy Independent Power Producers Procurement Programme and has managed to secure around 1 GW of renewable energy projects from the first 4 auctions.
Enel will be looking to expand its presence in South Africa as an additional 6.3 GW capacity is due to be auctioned.
At the end of Q1 2015, Enel had an installed capacity of 9.8 GW with a total generation of 8.7 TWh while total revenues increased by 12.6 per cent to €811 million.
Recent studies have found that countries including Brazil and Mexico are set to be prime locations for clean energy development.
A report published by MAKE Consulting has predicted that Brazil will connect nearly 23 GW of new wind capacity between now and 2024.
Forecasts also suggest that Mexico will see accelerated development in 2016 with the country aiming to meet a target of 35 per cent non fossil fuel generation by 2024.
A report published last year by NPD-Solarbuzz predicted that the Latin American and the Caribbean regions will introduce 9 GW of solar energy over the next 5 years.
The International Energy Agency identified Chile earlier this year as another South American country set for significant growth in the renewable energy sector.
