The Italian firm, which develops wind projects as well as solar and hydro, said it is looking to "geographical diversification" in order reduce its exposure to "volatility" and to "mitigate overall risk".
Between 2014 and 2018, Enel is planning a total capital expenditure of EUR 5.4 billion. North America will see 10% of this cash, while Europe will get 17%. The rest will be spent in emerging markets.
Over the next four years, the company is planning to install more than 4.6GW of additional capacity, bringing total installed capacity to 13.4GW.
It expects this to return earnings of about EUR 1.9 billion in 2014, about EUR 2.3 billion in 2016 and approximately EUR 2.6 billion in 2018. This compares to EUR 1.7 billion in 2013.
The company's previous plans, covering 2012-16, targetted a 38% spend in emerging markets. Capital expenditure on wind energy was to make up 57% of the total.