Spanish utility Endesa SA has announced plans to invest €9.6 billion (USD 10.15 billion) over the next three years as part of its strategic plan for 2025-2027, with a shift in focus from solar power to onshore wind, hydro, and battery storage. This strategic overhaul aims to enhance the company's renewable energy portfolio and reduce exposure to the solar business in favor of higher value-added assets.
The €9.6 billion investment represents an 8% increase over the previous plan and marks a record-high for the company. Endesa, part of the Enel Group (BIT
), will allocate €4 billion (42% of the total investment) to its grid business, primarily to meet the goals of Spain's National Integrated Energy and Climate Plan (NECP) and address increasing demand for new connections. The remainder will go toward improving service quality, digitalization, and grid modernization.
In power generation, Endesa plans to allocate €3.7 billion to expand renewable capacity by 3 GW by 2027. The focus will be on wind and hydro, each receiving 37% of the generation investment, while solar will be scaled back to 15%. The company will also invest in battery storage projects, which will account for 11% of the renewable generation budget.
Endesa's renewable power production is expected to grow by 32%, reaching 25 TWh by the end of the plan period, with total installed renewable capacity reaching 13.1 GW. The company's plans also include €1 billion in repowering existing wind and hydro plants, alongside maintaining its nuclear and combined-cycle plants.
In customer services, Endesa will invest €900 million to address declining customer numbers. The company reaffirmed its financial outlook for 2024, projecting EBITDA between €4.9 billion and €5.2 billion, and net profit between €1.6 billion and €1.7 billion, with further growth expected by 2027.
