Enel SpA (ENEL.MI) Friday said it bought new farms in France to produce 120 megawatts of wind power, part of its strategy of increasing investments in renewable energy.
In a statement, the Italian state-controlled utility said the purchase of the wind farms, some of which will start producing power in 2009, brought its French unit Enel Erelis closer to its target of producing 500 MW from wind power in France by 2012.
Enel didn't say how much the transaction cost, but in the statement it said that by 2012 it planned to invest EUR7.4 billion in renewable energy.
The move is part of Enel's 2008-12 growth plan unveiled earlier this year, in which the utility identified growth in renewable energy as a strategic priority.
Enel Chief Executive Fulvio Conti said in March the company plans to expand fivefold the power it generates from wind farms in Italy to 1.49 gigawatts by 2012. Enel's wind power capacity in Italy was 315 MW last year.