Enel plans to increase its renewable energy growth in Brazil with new investments in onshore solar and wind farms in the coming years, the company’s CEO Francesco Starace said.
Brazil already accounts for 40% of Enel’s growth in the Latin American renewable energy market, and that figure is expected to increase as the group begins to move away from polluting thermal generation and add more renewable energy capacity to its portfolio, Starace said.
“In the next three years, we will add 3,000 MW (in Brazil), which is much more than we have done in the past, but the acceleration continues. The potential is huge, you have a lot of wind, space and solar radiation,” Starace told Reuters.
Enel Green Power, the renewable energy division of the Italian company, manages over 4,700 MW of renewable energy in Brazil.
Almost half of this energy is concentrated in wind power, while the rest is divided between solar and hydroelectric power plants.
Enel announced last year that it would invest about 9.8 billion euros in Latin America in 2022-2024, with half of that amount going to Brazil. In the future, the country’s share in investments in the region should increase from 60% to 70%, the director general said.