Enel Green Power (EGP) (BIT: EGPW) has confirmed that it will invest as much as $8bn in building up its renewable power portfolio over the next four years.

The company expects core earnings to grow, “by leveraging its geographically and technologically diversified presence and by carefully selecting those areas with the best macroeconomic indicators and availability of natural resources,” said Fulvio Conti, chief executive of Enel.
In a statement, the company also announced that earnings are expected to top $2.39bn this year. It also forecast that earnings would rise to $3.5bn by 2017.

Since its flotation three years ago, EGP has increased by over 3GW its installed capacity, reaching 8GW at the end of 2012. The company aims to reach 12.4GW at the end of the investment plan in 2017, fuelled by the strengthening of its position in the US and Latin America.

With markets stagnating in traditional core markets, EGP has judiciously opted to make key investments in emerging markets, spending $5.2bn in Morocco, South Africa and Turkey.

It is also looking to expand in Peru, Colombia and east Africa.

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