Traditional oil and gas firm Eni has announced its intention to plough almost £1.3billion into growing its wind and solar energy portfolio over the next four years.
Delivering its financial strategy for 2018 through to 2021 the Italian company stated its clear intention to grow its new energy low-carbon portfolio with the installation of 1GW by 2021, and 5GW by 2025.
Claudio Descalzi, CEO of Eni, said: “We have a clear decarbonisation strategy that is based on 4 main drivers: the reduction of direct GHG emissions, in all our activities, a low-cost and low-carbon portfolio, the development of projects in the field of renewables, and investment in R&D, that is a fundamental element for achieving maximum efficiency in the decarbonisation process.”
While the firm will look to invest over £850million into increasing its renewable capacity to 1GW, the firm say they will be investing a total of almost £1.3billion to grow what it calls its ‘green business development’.
Descalzi added: “…the contribution of renewables will grow thanks to a distinctive model based on an integrated approach with the other businesses, investing about 1.2 billion for the development of 1GW of new capacity by 2021, ensuring a yield of around 10%.”
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