Italian energy giant Enel plans to add 6.7GW of new renewables capacity over the next three years, adding to the 36GW the company currently has around the world.
Enel said it plans to pursue a “less capital intensive build, sell and operate (BSO) model”, which will “allow the group to capitalise on its renewable pipeline more quickly, decrease the overall risk profile and crystallise value creation earlier”.
In 2016, the company saw a drop in revenue from renewables in Italy, which was mainly down to lower hydro power output, and in the Iberian peninsula because of lower generation volumes.
This year, Enel’s renewables and networks business has a growth target for EBITDA of €1.4bn, the company said.
Overall in 2016, the company made a profit of more than €2.5bn, up 17% from just under €2.2bn in 2015.
The increased income came despite a 6.7% drop in revenue to €70.6bn from €75.7bn in 2015.
Enel chief executive Francesco Starace said: “Our aim is to become a leaner and more efficient group.”