MILAN: Italian energy major Enel has announced plans to invest €20 billion ($23.6 billion) in renewable energy projects by 2028, as part of a broader €53 billion capital expenditure programme for 2026–2028.
The company revealed its new strategic plan on Monday, outlining total investments of €53 billion over the three-year period — roughly €10 billion higher than its previous 2023–2025 plan.
“We are presenting an ambitious plan, but one that is credible and achievable,” Enel Chief Executive Officer Flavio Cattaneo told financial analysts.
Focus on Renewables and Grid Expansion
Of the total planned investment, more than €26 billion will be directed toward energy production and distribution, including €20 billion specifically allocated to renewable energy projects, primarily in Europe and the United States.
Enel aims to add 15 gigawatts (GW) of renewable capacity by 2028, with over three-quarters of the new capacity coming from wind energy and programmable technologies such as Battery Energy Storage Systems (BESS).
The strategy comes amid rising global electricity demand, driven by the rapid expansion of data centres, artificial intelligence, robotics and automation, as well as transport electrification and industrial recovery.
US Portfolio Acquisition
In a related move, Enel announced over the weekend that it is acquiring a portfolio of wind and solar projects in the United States with a combined capacity of 830 megawatts for approximately $1 billion, further strengthening its presence in the North American renewable market.
Capacity and Earnings Outlook
By 2028, Enel expects to increase its total installed capacity to 80 GW, up from 68 GW projected at the end of 2025.
The company forecast earnings per share (EPS) of €0.69 in 2025, with annual results scheduled for publication in March. Looking ahead, Enel expects EPS to rise to between €0.80 and €0.82 by 2028, “even in a worst-case scenario,” Cattaneo said.
Positive Market Response
Investors welcomed the strategy announcement on the Milan stock exchange, with Enel’s shares climbing 6.5 percent to €9.7 in afternoon trading, significantly outperforming the broader market index, which rose 0.89 percent.
By AFP
