Italian energy company Enel has announced plans to invest €170bn ($190bn) by 2030 to finance its renewable energy and network businesses.

The company has set a target of reaching net-zero emissions by 2040, ten years earlier than previously scheduled.

Enel aims to have installed almost 154GW of renewable capacity by 2030 by tripling its portfolio from last year.

It also intends to invest €160bn via its ownership business model, primarily in ‘Tier One’ countries such as the US, Italy, Spain, Romania, Brazil, Chile, Colombia and Peru.

Enel will invest €70bn to increase its renewable and energy storage portfolio to reach its 2040 net-zero target.

The company will spend around €10bn under the stewardship model, estimating that the investment could catalyse an additional €40bn from third parties.

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By GlobalData

It also plans to exit its coal generation by 2027 and end its gas generation by 2040.

Enel intends to replace all its fossil fuel-based power generation capacities with renewable resources and energy storage solutions.

The company expects all the energy sold by the group by 2040 to be from renewable sources.

Enel CEO and general manager Francesco Starace said: “This year’s plan, with €170bn of direct investments by 2030, is a pivotal one.

“Its implementation is enabling us to step up from the previous decade of renewable energy discovery to the current decade of electrification.

“We are accelerating growth across the business, bringing value to our customers who are at the core of the group’s strategy, a value that translates into a projected reduction in their energy spending, while increasing their electricity demand by 2030.”

In April, Enel announced a €16.2bn investment plan to expand its power distribution business in the US over the next two years, pledging to invest €60bn by 2030.

Most of this investment will be used to strengthen the company’s grids and improve its digital flexibility to manage higher volumes of renewable energy.