Who Owns Enel Green Power?

Enel Green Power was established in December 2008 by Enel to consolidate its renewable energy operations into a dedicated division. At the time, Enel had a growing portfolio of hydroelectric assets in Italy and was beginning to invest in wind and solar capacity. The creation of Enel Green Power reflected a strategic decision to prioritize renewable energy development as a core business line.

In the early 2010s, Enel Green Power expanded aggressively, particularly in the Americas. The company developed large wind farms in Mexico, Brazil, Chile, and the United States, and utility-scale solar projects in South Africa, Mexico, and Brazil. Enel Green Power also invested in geothermal energy in Italy, where Enel has operated geothermal plants in Tuscany since the early 20th century. By 2015, Enel Green Power had approximately 11.5 GW of renewable capacity.

In November 2016, Enel floated approximately 32.5 percent of Enel Green Power on the Borsa Italiana in an IPO that raised approximately 750 million euros. The IPO was part of Enel's strategy to fund renewable expansion while monetizing part of the asset base. Enel Green Power traded as a separate listed company for approximately two years.

In June 2018, Enel announced a voluntary tender offer to acquire the remaining minority shares of Enel Green Power at 2.94 euros per share, a 12.7 percent premium over the pre-announcement price. The tender offer was completed in December 2018, and Enel Green Power was delisted from the Borsa Italiana. Enel paid approximately 1.4 billion euros to buy out minority shareholders.

Following the reintegration, Enel Green Power continued to expand within Enel's broader strategy. By 2023, Enel Green Power's renewable capacity had grown to approximately 60 GW. The company invested in offshore wind in Spain and the United Kingdom, expanded solar capacity in Latin America, and developed hybrid projects combining solar, wind, and battery storage.

In 2023, CEO Flavio Cattaneo announced a new strategic plan that narrowed Enel's geographic focus to six core countries: Italy, Spain, Brazil, Chile, Colombia, and the United States. Enel began divesting renewable assets in non-core markets, including Australia, India, and several European countries. In 2024, Enel sold its renewable portfolio in India for approximately 200 million euros and its Australian wind and solar assets for approximately 150 million euros. The divestitures were part of a broader plan to reduce Enel's net debt by approximately 21 billion euros by 2025.

By 2025, Enel Green Power's capacity had reached approximately 67 GW, with the largest concentrations in Brazil (approximately 12 GW), Italy (approximately 9 GW), Spain (approximately 8 GW), the United States (approximately 7 GW), Chile (approximately 6 GW), and Colombia (approximately 2 GW). The company added approximately 5 GW of new renewable capacity in 2025, primarily solar and wind.