Enel, the largest utility company in Europe, is in the final stage of negotiations for the acquisition of hydroelectric and gas assets from the Italian renewable energy company ERG, exceeding the offers of competitors, including that of the French group Total, announced Il Sole 24 Ore on Tuesday, Reuters reports.

Enel is the largest listed renewable energy company in the world by installed capacity and plans to spend 150 billion euros of its own money to nearly triple its capacity to 120 gigawatts (GW) and reduce its carbon emissions by 80% by 2030.

Enel’s offer is almost certainly the winner after ERG analyzed the offers submitted by all candidates for assets of over one billion euros ($1.2 billion), the Italian publication reported, according to Agerpres.

In March, Reuters announced that ERG was looking to sell its assets to reinvest abroad in wind and solar energy while maintaining its credit rating. The ERG offer attracted the interest of utility companies and investment funds.

Last month, Enel’s general manager, Francesco Starace, warned that the recovery of the world economy following the pandemic had led to a shortage of supplies of some raw materials as well as specialized equipment for the renewable industry.

“Today, if you want wind turbines delivered in 2022, you won’t find them. Maybe only for 2024,” Starace said.

He explained that the pandemic has proved to be a window into the future because many grids in many countries have been more dependent on renewable energy than before.