Enel to spend US $191 bn to speed energy transition

Europe's biggest utility Enel said it will spend US $191 billion(170 billion euros) by 2030 through direct investments to bring forward its net zero commitment by 2040.

Earnings before interest, tax, depreciation and amortisation (EBITDA)  is expected to increase at a 5 percent to 6 percent Compounded Annual Growth Rate (“CAGR”) while Group Net Ordinary Income is expected to increase at a 6 percent to 7 percent CAGR.

“We will continue to grow in renewables, leveraging on what is already the world’s leading private renewable asset base,” said Francesco Starace, CEO and General Manager of Enel.

The group said that they will mobilise total investments of 210 billion euros during this period, 40 billion euros will be raised through third parties.

They said that these investments would cut 40 percent  of their customers' energy spending. Moreover it will decrease their CO2 footprint up to 80 percent by 2030.