Andover, Mass., November 28, 2023 – Enel North America, a clean energy leader in the US and Canada, announced plans to continue expanding its footprint in utility-scale renewables and demand response as part of a new, three-year strategic plan. The plan, part of the Enel Group’s global strategy announced at its Capital Markets Day presentation on November 22, also foresees the company reducing costs and seeking additional financial partnerships for new and existing assets to support the company’s long-term financial sustainability.

“In the last two decades, Enel has helped drive the energy transition in the US and Canada with a leading portfolio of renewables and demand response,” said Paolo Romanacci, Head of Enel Green Power North America. “We know that the energy transition requires cross-sector collaboration. By involving more external partners in financing our clean energy solutions, we will improve our cash flows and chart a sustainable path toward our vision of clean, resilient and affordable power for all.”  

With America’s fourth-largest portfolio of clean power capacity, Enel North America also manages a 28 GW development pipeline of wind, solar and storage projects across the US and Canada. Under its new three-year plan, the company will continue to meet rising corporate demand for renewable energy, selectively investing in new utility-scale projects with higher returns while positioning more of its greenfield assets for sale. Enel is also one of the leading demand response providers in the US and plans to continue to add new demand response capacity in the US and Canada, contributing to greater grid flexibility and reliability. The US is one of six “core countries” where the Enel Group continues to focus its growth strategy.

Enel North America will pursue cost efficiencies and asset rotation to improve returns for the company and its financial partners. In recent years, the Enel Group has increased emphasis on its “partnership” and “stewardship” models of raising external capital to develop new assets or monetize existing ones. Enel North America has previously established joint ventures for portions of its renewables portfolio as it optimized its capital allocation. In the last five years, the company’s renewables arm has also divested its hydropower assets and announced plans to sell its geothermal portfolio as it streamlined its focus on large-scale wind, solar and battery storage.