Enel Seeks 50% Financial Partner for Africa Renewable Unit
Enel Seeks 50% Financial Partner for African Renewable Business
Enel SpA is looking for a financial partner to buy as much as 50% of its African renewable business as the Italian energy giant looks to extend wind and solar power projects across the continent.
The search for a company to form a joint venture started before the coronavirus outbreak stalled the regional economy and will continue regardless, a spokesman for the Rome-based utility said in an emailed response to questions. Enel Green Power currently has sites in South Africa, Morocco and Zambia as part of an international expansion that also includes investments in Asia.
The Italian company is building its future around green energy, with plans to increase its renewable capacity to 60% by 2022. Enel is adding as much as 3.6 gigawatts of new capacity in recently accessed and new markets within the next two years, mainly in Africa and Asia, the spokesman said.
Like many companies, Enel is navigating the Covid-19 outbreak with a focus on digitization and home working while governments around the world impose lockdowns to curb the spread of the pandemic. Italy has been one of the worst-affected countries, with almost 22,000 deaths to date, compared with a global total of more than 134,000.
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