...Enel Chile S.A.'s 2021-2023 investment plan continues to prioritize carbon reduction. The plan includes aggregate capex of $1.6 billion in its renewable generation business, given that during that period Enel Chile intends to: + Increase its installed capacity base in renewables by 2.4 gigawatts (GW) from an existing capacity of 4.7 GW; and + To completely phase out coal capacity by May 2022 by disconnecting its 350 megawatt (MW) coal plant Bocamina II. Enel Chile also disconnected Bocamina I in December 2020. In addition, in the same period, the company will invest additional $500 million in network operations and $200 million in thermal generation that it will mainly finance with internal cash generation. We view Enel Chile's strategy as positive from a credit standpoint because it will enhance the company's already leading position in the Chilean market (as of December 2020, it had a market share of 32% in terms of energy sales in the generation business). It will also consolidate the...
