Italian utility Enel invests 2.2 billion Euros

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Italian utility Enel expects to spend EUR 2.2 billion on wind development over the next five years, with its total installed wind capacity rising from 1.24 GW at the end of 2008 to 2.3 GW by end 2013. The company is active in wind power in North America and Europe. Electricity generation from wind will rise from 2.1 TWh now to 6.5 TWh, according to its 2009-2013 business plan. Under the plan, wind projects account for 59% of planned investments for Enel Green Power. Meanwhile, Enel is planning to reduce its heavy debt load, which rose to more than EUR 60 billion following the EUR 11.1 billion acquisition in February of Spanish Acciona's 25% stake in Spanish utility Endesa (Windpower Monthly, March 2009). Hoping to preserve its strong credit rating, Enel plans to raise up to EUR 8 billion via a capital increase later this year and a further EUR 10 billion from asset sales by 2010. Enel chief executive Fulvio Conti says the company is likely to sell off a minority stake in Enel Green Power.

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