European utility Enel has committed to installing 14GW of renewables by 2022 as it increasingly incorporates sustainability into its overall strategy.
The Italian firm already claims the world’s largest renewables fleet, with 46GW under management – between 2020 and 2022, it aims to invest €11.5 billion (£9.83bn) in additional renewable capacity, around half of its total investment during this period.
This new clean infrastructure will act as a replacement for coal capacity as it is increasingly phased out – it aims to reduce coal capacity and production by 61% and 74% respectively compared to 2018.
Meanwhile, the share of renewables is expected to reach 60% in three years, driving profitability from the generation fleet and increasing carbon dioxide-free production to 68% in 2022.
Enel claims it is well-positioned to increase value creation for shareholders over the plan period, with “ample upside potential beyond 2022”.
It says €11.8 billion (£10.1bn) will be invested in order to digitalise and automate grids, foster resiliency and improve quality of service.
Francesco Starace, CEO and General Manager of Enel, said: “The plan that we are presenting today underscores the success of the sustainable and integrated business model that we have deployed since 2015, targeting the opportunities in the power sector connected with the global decarbonisation and electrification trends.
“Thanks to this approach, Enel is now a more sustainable, efficient and profitable organisation, with a substantially lower risk profile and a greater capability to rapidly adapt to change.”