Enel is looking for a partner for Enel Green Power in Greece

Enel’s business plan of for the period 2023-2025 was presented by the CEO of the group during the Capital Markets Day.

Francesco Starace set the goal of reducing the group’s net borrowing by 21 billion euros cumulatively in the period 2022 – 2024 through its geographical market repositioning as well as the acceleration of investments in clean energy, electrification and digitization of networks. The CEO of the Italian energy giant also announced the company’s continued presence in six countries: Italy, Spain, USA, Brazil, Chile and Colombia.

The model in Greece and Australia

With regard to the activities in Greece and Australia, he described a residency status, but seeking synergies with partners (Stewardship Model) for the development of the investment program and possibly entering into other activities as well.

As is well known, the Italian group is active in Greece through Enel Green Power, which has an installed renewable energy capacity of 481.7 MW and also has a project portfolio of 1.5 GW. Based on the plan presented to analysts and investors by Mr. Starace, Enel is in the process of selecting a partner for its subsidiary. Something similar is happening in Australia.

According to the group’s management, the model in Greece and Italy will trigger third-party investments amounting to 15 billion. euro.

Partings but also investments

The countries from which the Italian energy group is leaving are Russia (the exit is complete), Argentina, Romania and Peru. Also, the management is reassessing energy assets and companies

In fact, the CEO of Enel announced investments totaling 37 billion. euros in the period 2023 – 2025 in RES, digitalization of networks and integrated service provision. This investment program will be implemented in the six countries in which the group will remain, while it aims to increase the installed capacity in renewable energy to 75 GW from 59 GW today.