Enel is in the process of completing a corporate restructure designed to put renewables at the core of the company’s strategy.

Enel Green Power (EGP), a separately-listed subsidiary which is active in wind, solar power, hydro-Francesco Staraceelectric, geothermal and biomass power generation, is to be fully integrated into the Italian energy giant under plans almost unanimously approved by EGP shareholders on Monday.

EGP shareholders approved at an extraordinary meeting in Rome the company’s integration into Enel. Enel has now called another shareholders meeting to approve the deal.

Once concluded, the parent company takes its stake in EGP from 63 per cent currently to 100 per cent, as had been outlined by the company’s CEO Francesco Starace after he took over in 2014.
Starace recently described the integration of EGP as being about placing renewables at the core of the group’s growth and business models.
Under his plans, green energy will account for 52 percent of Enel’s power capacity by 2019, up from 38 percent when he took over in 2004. Increased wind and solar power will account for the bulk of the increase.
More than half of the company’s projected growth-related investment for 2016-19 – a total of €17bn ($19bn) – has been earmarked for renewables.
The company has also announced plans to close 23 fossil fuel power plants in Italy by 2019, scrapped plans for new facilities in Italy and Chile and is seeking to offload assets worth six billion euros, particularly in Eastern Europe.