Connect with us

Hi, what are you looking for?


Green Economy

Enel Green Power Sells Off $1 Billion Renewable Energy Assets In Portugal

Enel Green Power has executed a large renewable energy asset sale in Portugal, as it looks to increase investment in developing markets. 

Enel Green Power sold renewable energy assets to First State Wind Energy Investment for €900 million ($1 billion). The renewable energy generator will net around €30 million from the sale, which it says will help reduce its €550 million debt. 

Enel Green Power has been looking to expand into developing renewable energy markets such as Africa, South America, and Asia, where governments are still offering high feed-in tariffs. The company is therefore looking to invest in markets with a higher returns on investment. 

Economic conditions in developing countries remain much better than they are in Europe. Developing countries have announced ambitious capacity addition targets in the renewable energy sector and are offering high feed-in tariffs to achieve them. European countries, on the other hand, have reduced feed-in tariffs and are levying new taxes on renewable energy projects. 

Entry Into Developing Markets

Enel Green Power recently and substantially expanded its presence in developing markets, acquiring companies, securing rights to develop projects, and commissioning power plants in several countries including India, South Africa, Mexico, and Brazil.

Enel Green Power acquired a majority stake in BLP Energy, for approximately €30 million. BLP Energy has significant wind energy assets in India, and Enel Green Power may invest additional funds to boost capacity addition.

In July, the company announced investment of $220 million in a 100 MW wind energy project in Mexico which would increase the company’s presence in the Mexican renewable energy market to around 400 MW.

In Brazil, the company secured rights to develop 553 MW worth of solar power capacity in a recent auction, and Enel Green Power is set to sell the power generated from the projects at around US$0.0842/kWh.

In South Africa, the company is among the most successful developers in the auctions under the Renewable Energy Independent Power Producers Program (REIPPPP).

Earlier this year, the company has announced that it 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.

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.


You May Also Like


As the world accelerates the transition to electric vehicles, it is important for the world’s largest markets to lead the way in terms of...


At the coal face of a conference that involved governmental figures, academics, logistics customers and OEMs, the detailed technical conversations are almost all about...


After a very slow start, the Indian battery-electric car market is starting to get exciting. BYD is expanding its presence in the country, shifting...


India’s electric 2-wheeler market has been booming over the last few years. However, the electric car sector has been pretty slow. India’s electric car...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.