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The Italian energy company Enel has announced that it is finalising details of a corporate restructure designed to put renewables at the core of the company’s strategy, in a move approved at an extraordinary shareholders’ meeting. Enel Green Power (EGP), a separately-listed subsidiary, will be fully integrated into Enel, with Enel taking its stake in EGP from 63 per cent to 100 per cent.
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More than half of the company’s project growth-related investment for 2016-19, a total of €17 billion, has been earmarked for renewables. The company has also announced plans to close 23 fossil fuel plants in Italy by 2019, scrapped plans for new facilities in Italy and Chile, and is seeking to offload assets worth €6 billion, mostly in eastern Europe.