Enel Green Power wins a solar contract in India

Enel Green Power wins a solar contract in India - enel green powerAccording to a note published on Enel's official channels, the company, through its Indian subsidiary of Enel Green Power (EGP), has been awarded the right to sign a 25-year contract for the supply of electricity in India, in the state of Rajasthan. It is a 420 MW solar power plant, the country's first solar plant, on which Enel will invest 180 million dollars.

The news of the new activity in India is pulling their respective upwards Enel shares in Piazza Affari, which are currently listed at € 7,70. Since the beginning of the year the stock has grown by + 8,02%.

Enel wins the tender launched by the Solar Energy Corporation of India

The project was awarded as part of the Ninth Tranche of 2 GW of the national tender for solar energy launched by the government company Solar Energy Corporation of India (“SECI”). 

The plant is expected to go into operation at the end of 2021 and remain operational for 25 years, according to the contract. The project presented by Enel will be able to generate more than 750 GWh of renewable energy per year, which will ensure that around 681.600 tons of CO are not emitted into the atmosphere.2 year.

Enel is a multinational company producing and distributing electricity and gas listed on the Italian stock exchange in Piazza Affari. Enel Green Power, within the Enel Group, deals with the development and management of plants for the production of renewable energy all over the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. The plants cover an energy production based on various techniques including wind, solar, geothermal and hydroelectric.

India: a strategic choice

Enel started its business in India a few years ago with significant growth prospects. In fact, India has declared a strong intention to invest in renewable energy in the coming years. The contract won by Enel follows the award of another 190MW wind project won in September last year.

"This new award testifies to the continuous commitment of Enel Green Power aimed at expanding its clean and sustainable energy footprint, with the aim of continuing on the Enel Group's path towards total decarbonisation," said Antonio Cammisecra, CEO of Enel Green Power in the official EGP note.

“India represents an important market in a strategic geography for our company, as it boasts a wealth of renewable resources and a highly competitive context, which is joined by a growing demand for energy. We are proud to strengthen our presence in India with our first solar project, as we continue to contribute to the achievement of the country's sustainable energy goals, while providing clean energy with the most advanced technologies, "he added.

To conclude, excellent news for one of our most representative Italian companies abroad. Could it be the right time to buy Enel shares? Follow our guide and find out how to do it safely and securely.