Enel will invest 4,9 billion euros to expand the renewable energy market and create jobs in Brazil

Enel is planning to invest billions in renewable energy in Brazil. In addition, it plans to invest in the production of green hydrogen in Bahia, contributing to the reduction in the emission of pollutants

Enel will focus its investments on electrification and renewable energy in Brazil, as announced by Francesco Starace, global CEO of the group, this Monday (18). Electrification should contribute to the process of energy transition of various sectors of the economy, mainly in industry and transport, also advancing in decarbonization. According to data, Enel will apply investments of 9,8 billion euros between the years 2022 and 2024, with a little more than half of that amount aimed at the renewable energy sector in Brazil. Starace, however, does not rule out the chances that this percentage could rise to 70% or 60%, which could vary depending on the results achieved in the projects.

Brazil is responsible for 40% of Enel's growth in Renewable Energy

Brazil has good conditions for generating renewable energy, such as solar and wind, in addition to showing a demographic expansion, which goes in the opposite direction of what happens in Europe.

Brazil is responsible for around 40% of the company's growth in renewable energies in Latin America. The investment projects will be aimed at the city of São Paulo and will be subject to the approval of the municipal government. Enel's BDRs closed last Thursday (14th) with an increase of 0,93%, at R$ 26,13. However, in the last year, the role is accumulating a loss of 42,89%.

Starace claims that the country will represent half of the growth of renewable energy over the next 10 years, with Brazil being underrepresented in his view. The statements were made at an event in São Paulo, where the executive stated that there are prospects for expanding investment in solar and wind energy projects in the future, considered renewable energies.

Enel plans to install another 3.000 MW of renewable energy in Brazil

The company's CEO claims that, if a photo is taken today, Brazil is underrepresented. If a new photo is taken 10 years from now, the country will be much larger than it is currently represented. Starace points out that countries have reached the physical limits for expanding the market, while the country has a tendency to accelerate due to its enormous geographical reach.

Enel plans to add 3 MW in the country by 2025. Currently, the group operates in the country with more than 4,7 GW of renewable energy, where 1,2 GW are from solar energy and 1,3 GW from hydro sources. The momentum is under way and it is not surprising, because the potential is great, the country is very rich in natural resources.

Enel encourages new investments in green hydrogen in Bahia

Enel signed, a few weeks ago, a Memorandum of Understanding for feasibility studies of green hydrogen production projects to be carried out by the group company Enel Green Power.

The partnership's mission is to join forces to analyze the premises that influence the viability of these green hydrogen projects in the State, encouraging the future development of the entire production chain in the region.

According to Roberta Bonomi, the company believes in green hydrogen as a complementary and essential strategic tool for reducing CO2 emissions, mainly for specific activities in the economy that, for economic and technical reasons, cannot adopt in their production processes the electrification from renewable energy. It is worth mentioning that the memorandum of understanding with the government of Bahia is the company's first in Brazil.

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