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REN boosts investment and commitment to sustainable energy transition

Redes Energéticas Nacionais (REN) unveiled its Strategic Plan for the period 2024-2027, underscoring its dedication to facilitating the Energy Transition while upholding the financial stability and operational excellence that define the company. The plan prioritizes sustainable growth and profitability.

Additionally, REN is reinforcing its sustainability commitments, enhancing its ESG objectives by aiming to reduce Scope 1 and 2 emissions by 60% by 2030 (a 10-percentage-point increase compared to 2019 targets), reduce Scope 3 emissions by 30% by 2030 (compared to 2021), and achieve 100% green debt by 2030.

Business strategy

The cornerstones of the 2024-2027 Strategic Plan will be translated into a business strategy projecting an annual EBITDA ranging from 500 to 540 million euros, annual net profits between 105 and 120 million euros, and a decrease in net debt to a range between 2.6 and 2.5 billion euros. REN is also revising its dividend policy, targeting a yearly increase of 2% in dividends per share until 2027.

In terms of investment, REN remains committed to advancing the Energy Transition, anticipating a substantial increase of up to 70% in average annual CapEx (both nationally and internationally) compared to the 2021-2023 period, totaling between 1.5 and 1.7 billion euros over the 2024-2027 timeframe. This investment will facilitate the integration of renewable energy projects into the grid, enhance the quality and resilience of the existing network, reinforce green gas infrastructure, ensure the continuation of essential services for REN, and solidify the company's presence in Chile.

This heightened level of investment significantly impacts the Portuguese economy, contributing to job creation both within REN and among numerous local contractors and suppliers involved in infrastructure enhancement and maintenance. Furthermore, these projects have a positive ripple effect on national income.

Sustainability: a pivotal pillar

Moreover, the plan includes funding the company through the issuance of green bonds, enabling REN to bolster its financial stability and low-risk attributes while maintaining its conservative financial policy, with the objective of reinforcing its Investment Grade credit profile.

Sustainability stands as a pivotal pillar of the Strategic Plan. Alongside environmental commitments, REN has augmented its social endeavors by allocating three million euros for community investments by 2027 and two million euros for employee skill development by the same year. Furthermore, the company aims to have 100% of its workforce trained in ESG practices by 2030.


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