Enel Green Power Plans $9.9 Billion Investment, 7 GW Capacity Addition By 2019
Italian renewable energy project developer Enel Green Power has announced an expansive capacity addition and capital investment program.
Enel Green Power plans to invest $9.9 billion over the next 5 years, focusing mostly on enhancing generation capacity. The company hopes to add 7.1 GW of new capacity before the end of this decade. A bulk of this capital investment and capacity expansion will take place in the emerging markets of Chile, Mexico, and Brazil.
Enel Green Power has been highly active in the development of solar and wind energy projects in South America. The company has also been actively participating in the auctions under South Africa’s Renewable Energy Independent Power Producers Procurement Programme where it has managed to secured about 1 GW of renewable energy projects (or about a fifth of the total capacity allocated) from the first 4 auctions. Enel Green Power has significant potential to expand its footprint in South Africa as an additional 6.3 GW capacity is yet to be auctioned.
At the end of Q1 2015, Enel Green Power had an installed capacity of 9.8 GW with a cumulative generation of 8.7 TWh. Total revenues in the quarter increased by 12.6% to €811 million.
This is also good news for Chile, Mexico, and Brazil. Recent studies and analyses have concluded that countries such as Brazil and Mexico are set to be hot-spots for renewable energy development. A report published by MAKE Consulting predicted that Brazil will connect nearly 23 GW of new wind capacity between now and 2024, despite a lull between 2017 and 2020. Mexico is also set to see accelerated development in 2016, aiming to meet a target of 35% worth of non fossil fuel generation by 2024. A similar report published last year by then NPD-Solarbuzz predicted Latin America and the Caribbean regions to install 9 GW of solar over the next 5 years. Meanwhile, Chile was identified as another country from South America which was on the growth road by the International Energy Agency earlier this year.
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