Spanish electric utility company Endesa has updated its Energy Transition strategy for 2022-24, under which it plans to invest €3.1bn ($3.4bn) to increase its renewable energy capacity to 12.3GW.

The move will make 92% of the company’s mainland production carbon-free by the end of 2024.

Endesa aims to add 4GW of renewable energy capacity during this period. Of this, 90% will be solar energy, with wind energy accounting for the remaining 10%.

This is expected to increase the company’s renewable energy capacity by an average of 1.3GW a year.

In addition, Endesa has announced an investment allocation for digitalising its distribution network to improve its quality of service and reduce losses.

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The company will also invest to establish an electric vehicle charging infrastructure across Spain through the Endesa X brand.

It estimates earnings before interest, tax, depreciation and amortisation (EBITDA) of €4.7bn in 2024, an increase from €4bn at the end of this year.

Endesa CEO José Bogas said: “With this update of our strategic plan, accompanied by a renewed outlook for 2030 and a new key milestone such as complete decarbonisation by 2040, Endesa aims to maintain its leadership in the Iberian market based on top-level assets and successful management as a vertically integrated company.”

In step with its parent company Enel, Endesa plans to reach net-zero emissions by 2040, ten years earlier than previously planned.

The company intends to exit its gas-fired generation and gas retail business by 2040 and focus on generating power from renewable sources.

It also plans to end its coal generation by 2027.

Bogas added: “Bringing forward from 2050 to 2040 our aim to become a totally emission-free company is based on a solid portfolio of renewable projects totalling 80GW.

“Reaching this key milestone will go together with a firm commitment to the electrification of consumption, earning the loyalty of our customers by generating value for both them and the company.”