Enel boosts first-half profits as renewables build accelerates

Italian energy group Enel boosted net profits by 4% in the first half of 2017, as it continued to pile on new renewables capacity around the world.

Enel expects to construct 2.6GW of renewables by the end of this year, the company said, an increase of 600MW on 2016’s figure and compared to a total of 900MW in 2015.

By the end of the first half it had 4.6GW of renewables in execution at 114 projects across 18 countries, 2.5GW in wind and 1.9GW in solar.

The Italian group is banking on the two energy sources as its engines of growth for the future and has busily been securing capacity across the globe.

Its most recent success came in the last few days, when its Enel Green Power España unit secured 339MW in Spain’s latest renewables auction.

In June it secured 291MW of wind power in a pioneering tender held by the Russian government.

Enel posted a 4% increase in net profits to €1.8bn for the first half, on revenues 6% higher at €36.3bn. That came despite the dent to its income caused by exceptionally low hydropower availability.

Enel CEO Francesco Starace said: “The geographical and technological diversification of our asset and customer portfolio, the robust growth trajectory as well as the corporate simplification and operational efficiency actions we have carried out enabled us to deliver a solid performance across our main financial indicators in the first half of 2017.”