Enel signalled a “sharp acceleration” of renewable growth with plans to add more than 14GW over the three years to 2022.

The Italian energy giant said the new capacity under its latest 2020-22 strategic plan will see its annual renewables additions leap to an average 4.7GW, up from the 3GW it will install in 2019.

By the end of the period Enel expects to have 60GW of clean energy under its wing globally, following a €12.5bn ($13.8bn) investment in renewables over the three years.

Some 5.4GW of the new wind and solar will replace conventional generation in Italy, Spain and Chile, with another 5.1GW accounted for by power deals with commercial and industrial customers, mostly in the US and Brazil.

Enel CEO Francesco Starace, who unveiled the latest plan on Tuesday, said: “2019 has marked a turning point for the dynamics of transformation within the world’s energy systems and we expect an acceleration of the trends of decarbonisation and electrification in the years to come.

“Enel will accelerate the decarbonisation of its generation mix through significant investments in renewable growth while progressively reducing thermal generation. On the path towards full decarbonisation by 2050, our substantial renewable pipeline provides visibility well beyond the plan period.”