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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Enel S.p.A.    ENEL   IT0003128367

ENEL S.P.A.

(ENEL)
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Enel S p A : Green Power starts construction of 280 MW of new wind capacity in South Africa

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11/05/2019 | 08:47am EST

Rome - Enel, through its renewable subsidiary Enel Green Power RSA (EGP RSA), has started construction in South Africa of its Karusa and Soetwater wind farms, with an installed capacity of 140 MW each.

The plants, which are both located in the Karoo Hoogland District, Northern Cape province, are expected to be completed by the end of 2021. Karusa and Soetwater will involve an investment of over 200 million euros each.

Antonio Cammisecra, CEO of Enel Green Power, said: 'With the start of construction of Karusa and Soetwater, we are now building five wind projects in South Africa, for a total installed capacity of around 700 MW, which is further evidence of our ability to supply emission-free energy to this country, supporting its transition towards renewables. This robust pipeline of projects under construction comes on top of the major portfolio of wind and solar assets that we have already commissioned thanks to the determination and commitment with which we have worked in South Africa since we first started our development activities in the country, back in 2011. We are showing the same determination when it comes to innovation and sustainability, as all of our plants are being built through state-of-the-art technology and sustainable construction practices, while creating local employment and income opportunities. Looking ahead, we are committed to further leverage on the wealth of renewable energy resources in this country, so we can continue to contribute to its sustainable development and to create shared value for our South African stakeholders.'

Karusa and Soetwater are the fourth and fifth wind projects Enel Green Power has started building in South Africa since the beginning of this year, in line with its investment programme in the country. The other projects, with an installed capacity of 140 MW each, are Nxuba and Oyster Bay in the Northern Cape, as well as Garob in the Eastern Cape. All five projects were awarded to Enel in Round 4 of the South African government's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

EGP RSA already has more than 520 MW in wind and solar plants in operation in South Africa. Its solar plants are Upington (10 MW) and Adams (82.5 MW) in the Northern Cape, Pulida (82.5 MW) in the Free State, Tom Burke (66 MW) in Limpopo, and Paleishuewel (82.5 MW) in the Western Cape. Its wind farms include Nojoli (88 MW) and Gibson Bay (111 MW), both in the Eastern Cape.

Once fully operational, Karusa and Soetwater are each expected to generate over 585 GWh annually, each avoiding the annual emission of around 611,000 tonnes of CO2 into the atmosphere. The wind farms will be supported by a 20-year power supply agreement with the South African energy utility Eskom, in line with the Government's Independent Power Producer (IPP) programme.

During the construction phase of Karusa and Soetwater, EGP RSA is expected to utilise state-of-the-art tools and practices such as advanced digital platforms and software solutions that will monitor and remotely support all site activities and plant commissioning, digital tools to perform quality controls on site and smart tracking of wind turbine components. These processes and tools are aimed at enabling swifter, more accurate and reliable data collection, improving the quality of construction and facilitating communication between on-site and off-site teams. Furthermore, EGP RSA is committed to employing local staff as well as hiring local contractors in the construction process, with the aim to promote meaningful socio-economic and enterprise development.

Enel Green Power is the Enel Group's company dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of more than 43 GW across a generation mix that includes wind, solar, geothermal and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.

Contact:

Tel: +39 06 8305 5699

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (EUR)
Sales 2019 78 310 M
EBIT 2019 11 335 M
Net income 2019 4 795 M
Debt 2019 46 537 M
Yield 2019 4,92%
P/E ratio 2019 14,2x
P/E ratio 2020 12,7x
EV / Sales2019 1,46x
EV / Sales2020 1,42x
Capitalization 67 873 M
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