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Italian energy group Enel announced a plan to spend around 43 billion euros ($45.6 billion) over the next three years, mostly to improve energy grid efficiency and boost renewable energy production. 

In a statement, Enel said it would spend a total of 26 billion euros to improve and expand its grids, with 78 per cent of the total to be spent in Europe -- Italy and Spain -- and the remainder in Latin America, Xinhua news agency reported.

The next biggest category in the investment plan is for 12 billion euros to increase the company's renewable energy production, adding an estimated 12 gigawatts (GW) of production via onshore wind production, hydroelectric production, and batteries.

The company said it intends to increase its total production of renewable energy by 15 per cent by 2027, reaching 76 GW.

In the statement, the company said it would improve the company's "profitability, flexibility, and resilience" while increasing "efficiency and effectiveness with a continuous optimisation of processes, activities, and offerings."

The investment information was released as part of Enel's strategic plan for the period between 2025 and 2027. The total investment amount represents an increase of around 7 billion euros compared to its previous strategic plan. (1 euro = $1.06)