Enel: will spend 160 billion euro to become the "super giant" of green energy in the next 10 years
On January 8, Enel, Italy's largest public utility company, and the Qatar Investment Agency said they had signed an agreement to develop renewable energy projects in sub Saharan Africa.
Under the agreement, first, Qatar's sovereign wealth fund will buy half of Enel's existing 800 megawatts of renewable energy power generation in South Africa and Zambia.
"We will work together to accelerate the establishment of a broad green energy footprint in sub Saharan Africa," said Francesco starace, Enel's chief executive
Enel green power will develop new projects in the region, while funding and construction will be left to joint ventures.
QIA, one of the world's largest sovereign wealth funds, has stopped investing in fossil fuel companies and is increasingly concerned about the development of green technology.
"We believe this investment provides an excellent opportunity to develop and develop leading renewable energy platforms in the region," said Mansoor bin Ebrahim al Mahmoud, chief executive of QIA.
Enel, one of the world's largest clean energy groups, said in November that it would spend 160 billion euros over the next 10 years to make the company a green "super giant" and achieve carbon free emissions by 2050.
Under the "managed" business model, it is expected to attract 30 billion euros of investment from parties outside the group.
