Enel reveals 2030 vision, plans to invest 190 billion Euro in boosting decarbonization, electrification of consumption and platforms

The Enel Group plans to mobilize investments of 190 billion Euro in the 2021-2030 period, boosting decarbonization, electrification of consumption and platforms to create sustainable shared value for all stakeholders and profitability over the medium and long term, according to its 2030 vision.

The Group plans to directly invest around 160 billion Euro, of which over 150 billion Euro through theOwnership business model and around 10 billion Euro through the Stewardship business model, while further catalyzing around 30 billion Euro from third parties.

As for the investment planned under the Ownership business model:

• Nearly half will be devoted to Global Power Generation, with Renewables totaling around 70 billion Euro, which are expected to lead to around 120 GW of installed capacity by 2030, 2.7 times higher than the approximately 45 GW currently installed. This will be accomplished byleveraging on a growing pipelineof more than 140 GW, alongside a worldwide platform-based Business Development, Engineering and Construction as well as Operation and Maintenance model;

• Around 46% is expected to be deployed in Infrastructure and Networks, to address quality and resiliency improvements, new connections and infrastructure digitalization, resulting in a Group Regulated Asset Base (“RAB”) of some 70 billion Euro in 2030 and over 90 million end users 100%-digitalized through smart meters, leveraging on an unparalleled scale of operations, the highest digitalization expertise and a distinctive intellectual property value;

As for the investment under the Stewardship business model, the Group is expected to invest, approximately, an additional 10 billion Euro, while catalyzing around 30 billion Euro from third parties, enabling an overall amount of some 40 billion Euro of investments, mainly related to Renewables, alongside Fiber, e-transport and flexibility.

The Group plans to directly invest around 40 billion Euro, of which around 38 billion Euro through the Ownership business modeland around 2 billion Euro through the Stewardship business model, while further catalyzing 8 billion Euro from third parties.

More than 90% of Enel’s consolidated investments will be in line with the UN Sustainable Development Goals (“SDGs”).In addition, according to Enel’s initial calculations, between 80% and 90% of the Group’s consolidated capex will be aligned to EU Taxonomy criteria for its substantial contribution to climate change mitigation.

At Group level, Ordinary EBITDA is expected to be in a range between 20.7 and 21.3 billion Euro in 2023, implying a 5%-6% CAGR. Net Ordinary Income is expected to be in a range between 6.5 and 6.7 billion Euro in 2023, implying an 8% to 10% CAGR, thanks also to the continued optimization of Group financial management – particularly through an increase in sustainable finance, which will account for around 50% of total gross debt in 2023 – leading to a lower cost of debt.