Enel: Will spend 160 billion euros in the future to develop renewable energy

    On January 8, Enel, the largest Italian utility company, and the Qatar Investment Authority stated that the two companies had signed an agreement to develop Kit Solar Power System renewable energy projects in sub-Saharan Africa.

    According to the agreement, Qatar's sovereign wealth fund will first purchase Enel's half of the existing 800 MW of renewable energy power generation in South Africa and Zambia.

    Enel CEO Francesco Starace said: "We will work together to accelerate the establishment of a broad green energy footprint in sub-Saharan Africa."

    Enel Green Power will develop new projects in the area, while funding and construction will be left to the joint venture.

    QIA is one of the largest sovereign wealth funds in the world. It has stopped investing in fossil fuel companies and is paying more and more attention to the development of green technology.

    QIA CEO Mansoor bin Ebrahim Al-Mahmoud said: “We believe that this investment provides an excellent opportunity for the development and development of a leading renewable energy platform in the region.”

    Enel is one of the world's largest clean energy groups. The company said in November that it will spend 160 billion euros in the next 10 years to make the company a green "super giant" and achieve carbon-free emissions by 2050.

    Under the "management" business model, it expects to attract 30 billion euros of investment from parties outside the group.