Italy-based multinational energy company Enel Group has announced that it will spend EUR 70 billion (USD 83.3 billion) between now and 2030 to enlarge its renewable energy and energy storage portfolio. This move is also expected to allow the company to achieve its net-zero target in 2040, a decade earlier than the originally set target year of 2050. The announcement was made on November 24 by the company and has been reported by various news agencies and renewable energy websites. Operating in 30 countries and regions, Enel is now focusing its attention on Latin America and the US. In July, the company acquired 3.2GWdc of renewable generation and energy storage assets that are located across the US.

Under its new plan, Enel will add 84GW of renewable generation and energy storage from now to 2030. Of that amount, PV generation and battery energy storage will account for 43GW and 9GW respectively. The company aims to have installed a total of 129GW of renewable generation capacity by the end of the decade. Earlier this year, Enel’s PV module manufacturing subsidiary 3SUN disclosed that it will raise its annual production capacity from the current 200MW to 3GW by 2023. 3SUN’s main offerings are bifacial HJT modules.

At this moment, Enel’s renewable energy portfolio comes to just around 51GW. By ramping up investments, the company hopes to triple that and thus control around 154GW under direct ownership and stewardship.

Along with the new plan, Enel stated that like many other utilities and energy companies, it is following the more proactive development path that was outlined at the recent COP26 summit. Hence, Enel is now pulling forward its net-zero target to 2040 or earlier if possible. RWE, another energy company based in Germany, will spend EUR 50 billion to expand its renewable energy portfolio to 50GW by 2030, according to the reporting by renewable energy news websites.

Francesco Starace, CEO and general manager of Enel, said that the new plan will not only realize its net-zero promise ahead of time but also reduce the overall carbon footprints of its clients by about 80%.

Additionally, Enel revealed that it will wind down its coal-fired and gas-fired generation businesses by 2027 and 2040 respectively. The company intends to complete its transition to renewables and energy storage businesses within these two decades.

Regarding Enel’s latest renewable ventures, a subsidiary of the company has proposed a 49MW wind farm in Catalonia (Spain). Its 353MW wind farm in Morro do Chapéu (Brazil) has also just entered operation. Moreover, construction has commenced for its two new PV projects in Chile with a total generation capacity of 773MW.