Enel Onshore Wind Growth, €53 B Plan, Macquarie JV, and 1.2 GW INPEX Acquisition (2021 to 2026)

Enel Sustainability Projects: From 170 MW Agrivoltaics to 1.2 GW Portfolio Scale

Enel’s sustainability strategy has evolved from developing standalone renewable projects to executing large-scale portfolio acquisitions through joint ventures, signaling a mature approach to rapidly scaling its global clean energy footprint. This shift prioritizes capital efficiency and market penetration over singular project development, enabling faster growth and risk distribution.

Enel’s Project Focus (2021-2024)

Between 2021 and 2024, Enel’s activity was characterized by the development of significant, yet discrete, renewable energy projects and a focus on organic capacity growth. This period established the foundation for its large-scale operational capabilities.

• In March 2023, Enel broke ground on Italy’s largest agrivoltaic project, a 170 MW facility designed to integrate solar power generation with agricultural activities. This project highlighted a focus on innovative land use and dual-purpose energy generation.
• The company’s subsidiary, Enel Green Power, added a record 5, 223 MW of new renewable capacity in 2022, bringing its total managed capacity to approximately 59 GW. This growth was distributed across solar, wind, and battery storage technologies.
• In India, Enel pursued the development of a 300 MW solar project in Rajasthan, contributing to the country’s national renewable energy targets and underscoring its commitment to emerging markets.

Enel’s Shift to Portfolio Scale (2025-2026)

Beginning in 2025, Enel’s strategy visibly shifted towards larger, more complex transactions involving partnerships and multi-asset acquisitions. This approach accelerates growth beyond the pace of individual project construction.

• In February 2025, Enel, through a partnership with INPEX, acquired a controlling stake in a 1.2 GW renewable energy portfolio in Australia. This move provided immediate, large-scale entry into a key growth market.
• A joint venture with Macquarie in Greece expanded its capacity to nearly 800 MW after acquiring additional wind farms in July 2025. This demonstrates a strategy of using JVs to build regional scale.
• The company secured long-term revenue for its US operations through a Power Purchase Agreement (PPA) with Meta for 115 MW from the Rockhaven wind farm, proving the commercial viability of its projects through corporate offtake agreements.

€53 B Investment: Enel Capital Allocation for Grid Modernization and Asset Recycling

Enel employs a disciplined capital allocation strategy, funding its €53 billion growth plan for 2026-2028 through a combination of direct investment and strategic divestments. This financial model allows the company to recycle capital from mature or non-core assets into higher-growth opportunities like grid modernization and renewable expansion, while maintaining shareholder returns.

Enel’s Strategic Divestments

A core component of Enel’s financial strategy involves divesting assets to optimize its geographic footprint and fund new investments. This approach was consistently applied to streamline operations and unlock capital.

• In March 2023, Enel finalized the sale of its entire Romanian business to Public Power Corp. (PPC) for €1.26 billion. This transaction was a key part of its strategy to focus on core markets with higher growth potential and integrated value chains.
• Enel Green Power North America completed the sale of a portfolio of US geothermal and solar assets to ORMAT Technologies for $271 million in January 2024. This move exemplifies the company’s capital recycling program, where proceeds are reinvested into new renewable projects.

Enel’s Capital Expenditure Plan

Enel has committed substantial capital to future-proof its business, with a clear focus on networks and renewable generation. These investments are designed to support the energy transition and deliver stable returns.

• The Strategic Plan 2026-2028 allocates €53 billion in total investments to drive growth and achieve net-zero emissions by 2040. This plan signals a shift towards an integrated business model less exposed to commodity volatility.
• Between 2025 and 2027, Enel plans to invest €26 billion into its grids segment. This significant investment is aimed at modernizing infrastructure to handle increased renewable energy penetration and improve service quality.
• The company also committed to increasing its dividend per share by an average of 6% annually through 2028, demonstrating confidence that its sustainability-focused investments will enhance shareholder value.

Table: Enel’s Strategic Investments and Divestments (2023-2028)

Enel’s 1.2 GW INPEX Deal and Macquarie JV Demonstrate a De-risking Strategy

Enel systematically uses joint ventures and long-term Power Purchase Agreements (PPAs) to de-risk large-scale renewable investments, share capital expenditure, and secure stable revenue streams. This partnership-led model allows the company to accelerate market penetration and project development while mitigating the financial exposure of its ambitious growth targets, a strategy also seen with competitors like RWE and Iberdrola.

Enel’s Joint Venture Expansion

Joint ventures are a primary mechanism for Enel to enter new markets and scale its portfolio rapidly. These collaborations combine Enel’s operational expertise with partners’ local knowledge and financial capacity.

• In February 2025, Enel formed a joint venture with INPEX to acquire a majority stake in a 1.2 GW renewable energy portfolio in Australia from Potentia Energy. This partnership provides an immediate and substantial foothold in the Australian market.
• The joint venture with Macquarie Asset Management in Greece is set to reach nearly 800 MW of installed capacity following the acquisition of two wind farms from EDP Renewables in July 2025, solidifying its position in the Greek renewables market.
• In October 2025, Enel completed a partnership with Masdar to operate 446 MW of photovoltaic plants in Spain, furthering its collaborative model in a core European market.

Enel’s Corporate PPA Strategy

Enel secures the financial viability of its renewable projects by signing long-term PPAs with large corporate offtakers. These agreements provide predictable cash flows, which are essential for financing new developments.

• In May 2025, Enel’s North American subsidiary signed a PPA with Meta for 115 MW of output from its Rockhaven wind farm in the US, locking in revenue from a major technology company.
• Enel secured a long-term PPA with mining company BHP to supply 100% of the power from the Flat Rocks Wind Farm for its Nickel West operations in Australia, demonstrating the attractiveness of renewables to heavy industry.

Table: Enel’s Key Strategic Partnerships (2025)

Europe vs. Global Expansion: Enel’s Shifting Geographic Priorities

While maintaining a strong operational core in Europe, particularly in Italy and Spain, Enel is strategically expanding its presence in high-growth markets like Australia and the Americas. This dual focus is balanced by a disciplined approach to asset rotation, which includes divesting from markets with lower growth prospects, such as its complete exit from Romania.

Enel’s European Core Market

Europe remains the cornerstone of Enel’s operations, serving as a hub for innovation and large-scale investment in both renewables and grid modernization. This region is critical for achieving its decarbonization goals.

• In Italy, Enel is developing the country’s largest agrivoltaic project at 170 MW, demonstrating its commitment to pioneering new renewable models in its home market.
• The partnership with Macquarie in Greece has grown to nearly 800 MW, showcasing a strategy of deepening its presence in select European countries through strategic alliances.
• The company’s divestment of its €1.26 billion Romanian business in 2023 illustrates a deliberate strategy to consolidate its European footprint and reallocate capital towards markets like Italy and Spain, where it has an integrated presence. Other major utilities like EDF are similarly refocusing on core national markets.

Enel’s Global Growth Initiatives

Outside of Europe, Enel is pursuing an aggressive expansion strategy focused on markets with strong renewable energy potential and supportive regulatory frameworks. This global push is increasingly executed through large-scale partnerships.

• Australia has become a key target, highlighted by the 2025 joint venture with INPEX to acquire a 1.2 GW portfolio. This move provides immediate scale in a competitive market.
• In the Americas, Enel continues to grow its presence. It is developing 400 MW of renewable capacity in Colombia and securing corporate PPAs in the US with companies like Meta, underscoring the commercial strength of its projects.
• The company’s plan to consider US acquisitions, as stated in February 2026, signals a clear ambition to further expand in North America, leveraging its successful partnership model to enter or scale up in the region. This follows a broader trend among energy service firms like SLB and Halliburton in seeking North American growth.

Enel’s Technology Strategy: From Onshore Wind to Grid AI Integration

Enel’s technology strategy has matured from primarily deploying established renewable assets like wind and solar to integrating advanced digital technologies, particularly Artificial Intelligence (AI), for grid optimization and operational efficiency. This digital layer is becoming a key differentiator, enabling Enel to manage the complexity of a decentralized, renewables-heavy energy system and position itself not just as a generator but as a sophisticated grid manager.

Enel’s Renewable Asset Deployment

The foundation of Enel’s strategy remains the large-scale deployment of proven renewable technologies. The period from 2021 to 2024 was marked by consistent capacity additions and innovation in project design.

• Enel consistently grew its renewable capacity, reaching an estimated 63 GW in 2023 from 59 GW at the end of 2022. This growth was driven by a global pipeline of wind and solar projects.
• The company pioneered new applications for existing technologies, such as the 170 MW agrivoltaic project in Italy, which combines solar generation with agriculture to maximize land use efficiency.

Enel’s Digital Layer and AI

From 2025 onwards, the data highlights a greater emphasis on digitalization as a core enabler of Enel’s sustainability goals. This involves leveraging technology to improve efficiency, manage grid stability, and reduce costs.

• Enel utilizes AI, smart meter data, and grid intelligence to optimize its global renewable infrastructure. This technology helps manage the intermittency of renewables by balancing supply and demand more effectively.
• The company’s focus on grid modernization, backed by a €26 billion investment plan, is deeply connected to its digital strategy. Smart grids are essential for integrating the vast amounts of renewable energy Enel plans to build.
• This technological focus directly supports Enel’s commitment to UN Sustainable Development Goals, particularly SDG 7 (Affordable and Clean Energy) and SDG 9 (Industry, Innovation, and Infrastructure), by making the energy system smarter and more resilient.

SWOT Analysis: Enel’s Financial Strength vs. Execution and Target Risks

Enel’s primary strength lies in its massive scale and clear financial strategy for funding its energy transition, supported by a robust project pipeline and a proven ability to form strategic partnerships. However, the company faces significant execution risks, exemplified by its failure to meet a key Sustainability-Linked Bond (SLB) target, and remains exposed to market volatility, which it seeks to mitigate through JVs and a shift away from commodity trading.

Enel’s Strategic Position

The analysis reveals a company aggressively pursuing leadership in the energy transition while navigating financial and operational challenges. Its strategy of using partnerships to de-risk growth is a key opportunity, but the complexity of its global operations and ambitious targets presents ongoing threats.

Table: SWOT Analysis for Enel’s Sustainability Strategy

Enel Accelerates Decarbonization with Zero Emissions by 2040
Enel’s 2025-2027 Strategic Plan targets the elimination of all coal-fired plants by 2027 and achieving zero emissions across all operations by 2040, an aggressive timeline highlighting a strong commitment to environmental sustainability and energy transition leadership.

Strategic Capex Fuels Green Transition and Network Modernization
Enel’s €43 billion gross CAPEX by 2027, with €12 billion dedicated to renewable energy and €26 billion to grids (a 40% increase), underscores a clear strategic pivot. This massive investment addresses critical needs for robust, reliable, and sustainable energy infrastructure, driving the global energy transition.

(Source: Environmental and financial sustainability combined | Enel Group)

Enel’s Next Move: Will the Macquarie and INPEX JV Models Accelerate US Market Entry?

The success of Enel’s joint venture model in Australia and Greece provides a clear template for accelerated expansion into the US market, a stated area of interest for the company. The key signal to watch is whether Enel will replicate its partnership-led acquisition strategy to gain immediate, large-scale market share in North America, moving beyond its current organic growth and PPA-driven model in the region.

Monitoring Enel’s US Acquisition Strategy

Enel’s strategic commentary and recent actions suggest that a significant move in the US could be its next major step. This would align with its pattern of using partnerships to enter and scale in key growth markets.

• In February 2026, Enel’s management explicitly stated the company is eyeing potential acquisitions in the United States. This confirms that the US is a priority for inorganic growth.
• The successful execution of the 1.2 GW portfolio acquisition in Australia with INPEX and the expansion of the Macquarie JV in Greece validates a repeatable playbook for de-risked, large-scale market entry.
• The next logical step would be to identify a US-based partner, similar to INPEX or Macquarie, to jointly acquire a multi-gigawatt operating portfolio or a developer with a substantial project pipeline.
• Such a move would represent a strategic acceleration beyond its current US approach, which, while successful, has been more focused on individual project development and corporate PPAs like the one with Meta.

The questions your competitors are already asking

This report covers one angle of Enel’s global expansion strategy. The questions that matter most depend on your work.

• US renewable energy portfolios for sale
• Iberdrola vs Enel joint venture strategy
• Impact of missed sustainability bond targets
• AI applications for power grid management

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