Enel to invest €53 billion by 2028: Italian utility ramps up spending on renewables and grids - share buyback included

Rome (Italy) - Italian energy company Enel S.p.A. plans a total package of €53 billion through 2028, covering investments in renewable energy, grids, and end-customer services, as well as a new tranche of its share buyback program of up to €1 billion. This represents around €10 billion more than in the previous strategic plan.

The expanded investment framework is based on the group’s successes between 2023 and 2025: during this period, Enel met its targets, secured growth and shareholder returns, and distributed around €15 billion in dividends and share buybacks. The achieved financial solidity gives Enel additional room to invest in markets with the highest growth potential while further increasing shareholder remuneration.

The 2026-2028 strategic plan focuses on three priorities: accelerated growth in stable markets with an emphasis on grids, renewable energy, and end customers; higher capital productivity; and a balanced risk-return profile under strict financial discipline.

Around €26 billion is earmarked for the integrated business, including approximately €20 billion for renewable energy. Installed capacity is expected to grow by roughly 15 GW through both greenfield and brownfield projects. Another €26 billion will go toward grid expansion, with 55 percent in Italy and the remainder in Iberia and Latin America.

CEO Flavio Cattaneo described the plan as “ambitious and credible,” highlighting that past measures have provided the company “with the financial flexibility to invest in the most dynamic electricity markets.”

Financially, Enel expects earnings per share (EPS) to rise from around €0.69 in 2025 to €0.80-0.82 by 2028. A dividend of €0.49 per share is proposed for 2025, with expected annual growth of about 6 percent between 2025 and 2028, while the share buyback program will continue as part of the €53 billion package.

Analysts reacted positively to the plan. Barclays raised its price target for Enel shares from €10 to €11 and maintained its “Overweight” rating. Mediobanca set its target at €10.40 and continued to rate the stock as “Outperform.” Analysts highlighted the higher investment amount, the clear expansion of renewable capacity, and the ongoing share buyback program as signs of strong shareholder orientation. Enel shares are currently trading at €10.06 (Stuttgart Stock Exchange, 09:09 CET).

Source: IWR Online, Feb 02 2026