In the field of renewable energy, Enel Green Power will continue to be a unique global player with a diversified technology mix and geographical presence due to its modest dependence on revenues from subsidies and the ability to generate strong, steadily growing cash flows. Over the course of the plan timeframe, Enel Green Power expects to invest 6.4 billion euros (of which 2.4 billion will be in Italy and Iberia and the rest in the other countries in which it operates). The Enel Group will also increase net installed capacity from the current 6.1 GW to 10.4 GW and will increase EBITDA to 2 billion euros in 2013 and 2.4 billion euros in 2015. All of this will be achieved while maintaining a dividend payout of at least 30%.
In Latin America, the economies of the various countries in which the Enel Group operates remain sound with energy demand growing rapidly. In this favourable environment, combined with a clear and stable regulatory framework, the Enel Group will continue to leverage its leadership position, generating growing margins supported by total investments of an estimated 4.8 billion euros over the period covered by the plan, which will be focused primarily on organic growth in power generation and distribution. Notably, the Enel Group will invest, among other projects, in the development of the Bocamina II coal-fired plant in Chile (370 MW, fully operational by 1Q 2012) and the El Quimbo hydroelectric plant in Colombia (400 MW, partially operational by the end of 2014).
The Russian economy is expected to continue to grow and has promising market fundamentals. Against this backdrop, the Enel Group's strategic role in the country will be strengthened.
Overall, the Enel Group is expected to invest nearly 1 billion euros in Russia over the five years of the plan, mainly to improve the quality of its generation mix, with the construction of a new 800 MW combined-cycle plant, which will be supplied with competitively priced gas from the Group's interest in the Severenergia gas fields. The Enel Group will also continue to invest in strengthening the overall efficiency and optimisation processes of its own plants.
Slovakia remains a strategic area for the Group. Overall, the Enel Group will invest an estimated 2.7 billion euros in the country over the five years of the plan, mainly towards the completion of units 3 and 4 of the Mochovce nuclear power plant which will ensure further generation capacity of 880 MW. The first unit will be operational by 2012 and the second during 2013.
Finally, in Romania, the Enel Group expects to invest around 800 million euros over the plan time horizon, primarily in strengthening efficiency processes and initiatives to expand the customer base.
Summing up, between 2011 and 2015, the Enel Group plans to undertake investments of an estimated 31 billion euros.