Enel green power Italy (BIT:ENEI) plans to sell assets totaling about 21 billion euros to reduce debt and finance investments, according to the company’s new strategic plan.

In particular, Enel plans to sell its assets in Romania and withdraw from Peru and Argentina. It is expected that a significant part of these assets will be sold by the end of next year.

As a result, the company intends to focus on six key markets – Italy, Spain, the USA, Brazil, Chile and Colombia.

The key strategic focus will be on electrification, and by 2025 Enel expects to sell about 80% of its electricity under long-term fixed-price contracts. By that time, the company plans to increase its electricity generation capacity from renewable sources by about 21 gigawatts, after which renewable energy will account for about 75% of all electricity produced.

The company plans to invest about 37 billion euros between 2023 and 2025.

Enel Green Power Italy’s management has set medium-term targets for adjusted profit and adjusted EBITDA for 2025 at €7-7.2 billion and €22.2-22.8 billion, respectively. By comparison, the company expects to record adjusted profit of 5-5.3 billion euros and adjusted EBITDA of 19-19.6 billion euros in 2022.

The company expects to keep its dividend at 43 euro cents per share in 2023-25 versus 40 euro cents in 2022.

Since the beginning of the year, the price of Enel Italy stock decreased and its capitalization fell by 27.5% to 51.67 billion euros.

Earlier we reported that Uniper had agreed on an additional €25 billion in financial aid.