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Enel CEO Francesco Starace Announced The Company’s Plans To Leave The Russian Market

Enel CEO Francesco Starace Announced The Company's Plans To Leave The Russian Market

Energy company Enel – the largest in Italy and one of the largest in Europe – intends to leave the Russian market. Enel supported Russian start-ups in the field of “new” energy.

Bloomberg writes about Enel’s plans to stop working in Russia , citing a statement by Enel head Francesco Starace. On the official website of Enel at the time of publication there was no message about the intention to leave the Russian market.

“We see growth in Russia in the field of renewable energy, but under the current circumstances, I think this is not possible. Unfortunately, I think we have to curtail our activities,” said Enel CEO Francesco Starace.

Enel is one of the largest energy companies in Europe and the largest in Italy. The company is engaged in the development and production of renewable “new” energy.

Enel owns a 56% stake in Enel Russia. The company operates two wind farms and three hydroelectric power plants – Konakovskaya, Sredneuralskaya and Nevinnomysskaya – which generate 5.7 GW of electricity.

Enel supported Russian start-ups in the field of renewable energy. Both independently and in partnership with the Russian Venture Company, Enel has been recruiting projects for further funding and assistance in entering new markets.

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