Speaking at the launch on 15 December last year of “The Partnership with Africa,” a strategic policy document of the Italian Ministry of Foreign Affairs, Enel CEO and General Manager Francesco Starace stressed the company’s intention of further strengthening the Group’s commitment to sustainable development in Africa. The agreement that Enel Green Power S.p.A. (“EGP”) has signed with Qatar Investment Authority (“QIA”) for a joint venture aimed at financing, building and operating renewable projects in Sub-Saharan Africa further highlights that commitment. In particular, the first phase of the partnership involves the acquisition by QIA of 50% of EGP’s stake in projects with capacity of about 800 MW that are already in operation or under construction in South Africa and Zambia.
We will work together to accelerate the development of renewable energies in Sub-Saharan Africa, contributing to the continuous pursuit of the region’s ambitious goals in this sector
Francesco Starace, Enel CEO
Commenting on the announcement, CEO and General Manager Francesco Starace emphasised that, through this partnership, Enel will combine its sustainable strategy, “enhanced by its industrial expertise in Business Development, engineering and construction, as well as the Operation & Maintenance of renewable plants (O&M), with QIA’s long-term investment strategy, in line with the sustainability and decarbonization targets of both companies.” The overall transaction is subject to a “change of control approval” and an “antitrust clearance from the appropriate authorities.” At a later stage, the transaction provides that EGP and QIA will form a new legal entity for future developments in Sub-Saharan Africa. After closing the transaction, all legal entities will be grouped into a single joint-venture company.
The objective, as pointed out by Starace, is thus “to accelerate the development of renewable energies in Sub-Saharan Africa, contributing to the continuous pursuit of the region’s ambitious goals in this sector.” This path will lead to the enhancement of “the region’s immense potential in renewables,” while contributing to “a more sustainable model of economic development in this part of the world.”
Enel editorial staff