Enel to Increase Renewables Investment to $20 Billion Over Next 3 Years

Italian energy company Enel has unveiled its 2026–2028 Strategic Plan, outlining a significant ramp-up in investment across its core businesses, with a sharp focus on renewable energy expansion.

 

€53 Billion Investment Plan Through 2028

 

Under the new strategy, Enel plans to invest approximately €53 billion, equivalent to around $63 billion, through 2028. This represents an increase of roughly €10 billion compared with the company’s previous 2023–2025 plan. The investment will prioritize electricity grids, renewable generation and customer-focused operations through a mix of Greenfield and Brownfield projects.

The expanded capital allocation reflects Enel’s intention to strengthen its position in markets experiencing rising electricity demand and accelerating energy transition efforts.

 

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€20 Billion Targeted for Renewables

 

Within the broader plan, Enel expects renewable energy investments to reach approximately €20 billion by 2028. This marks an €8 billion increase compared with the prior strategic plan. The company aims to add around 15 gigawatts of new renewable capacity over the three-year period.

Geographically, about half of the renewables capital expenditure is expected to be directed toward Europe, with the remainder allocated primarily to Tier 1 countries, led by the United States.

Enel indicated that approximately 9 gigawatts of the new capacity will come from Greenfield projects, while around 6 gigawatts will be derived from Brownfield developments. Roughly 75 percent of the planned new capacity is expected to consist of wind power and programmable technologies, including Battery Energy Storage Systems, reflecting a push toward more flexible and grid-supportive assets.

 

U.S. Portfolio Acquisition Strengthens Pipeline

 

The strategic plan follows Enel’s recent agreement with Excelsior Energy Capital to acquire a portfolio of U.S.-based wind and solar plants for approximately $1 billion. The portfolio includes assets with an installed capacity of 830 megawatts and an expected annual output of about 2.1 terawatt-hours. The transaction assigns the portfolio an enterprise value of around $1.3 billion.

This acquisition supports Enel’s objective to expand its footprint in high-demand markets while enhancing its renewable generation base.

 

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Focus on Growth and Risk-Return Profile

 

Enel Group CEO Flavio Cattaneo described the plan as both ambitious and credible, highlighting the acceleration of growth through increased Greenfield and Brownfield investments. He noted that managerial actions over the past three years have strengthened the company’s financial flexibility, enabling it to invest in dynamic electricity markets while improving the group’s overall risk and return profile.

With rising global electricity demand and continued policy support for decarbonization, Enel’s updated strategy positions the company to expand renewable capacity at scale while reinforcing its integrated energy model.