In a Capital Markets Day presentation detailing its 2019-2021 industrial plan, Enel said it is aiming for its carbon-free production to rise to 62% from 48% of its total this year.
"In this plan, we are pushing the development of increasing quantities of renewables, leveraging on our geographical and technological presence and our know-how," said CEO Francesco Starace.
Enel’s plan showed total wind capacity rising from 8.1GW at end 2018 to 14.2GW, while solar is expected to increase from 1.9GW to 5.2GW.
Small increases are also planned for hydro and geothermal power.
It also envisions it will exit some 600MW in renewable projects over the next three years as part of its asset rotation strategy.
|Enel wind capacity||end of 2018||end of 2021|
|North & Central America||2.9GW||5.8GW|
|Rest of Europe & North Africa||0.7GW||1.1GW|
|Sub-Saharan Africa, Asia-Pacific & Oceania||0.4GW||0.7GW|
In wind, capacity in North and Central America is expected to double, to 5.8GW from 2.9GW.
In South America, capacity is predicted to jump to 3.1GW from 1.6GW, and its Iberian wind portfolio is set to grow to 2.6GW from 1.8GW.
Enel added its wind energy capacity in its home Italian market will inch up 200MW to reach 1GW.
Meanwhile capacity in other European and North Africa countries should rise 0.4GW to 1.1GW and by 0.3GW to 0.7GW in Africa, Asia and Oceania.
"Renewables development is increasingly the customer’s choice," stressed Starace, pointing to growth in demand for corporate PPAs, which has allowed it to bypass competitive renewable auctions in some places and is driven by companies looking for a "good deal".
"Alongside the US, where Enel has signed several corporate PPAs over the last few years, interest in corporate deals is now also keen in Mexico and Central and Latin America," he said.
"I think the next big market for corporate PPAs will be Europe," said Starace. "It will take time but it will happen, because business is business everywhere."