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Enel to cut debt with asset sales

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Commits to zero carbon by 2040

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Looking at solar panel plant in United States

MILAN, Nov 22 (Reuters) - Enel plans asset sales worth 21 billion euros ($21.5 billion) to cut debt and focus its transition to cleaner energy on six core countries, the Italian utility said on Tuesday.

The process to exit from Argentina and Peru and sell assets in Romania is already under way and the bulk of the disposal plan should be achieved by the end of next year, executives said as they presented the 2023-25 strategy update.

The state-controlled group intends to invest around 37 billion euros in the next three years in its six core markets of Italy, Spain, the United States, Brazil, Chile and Colombia.

One of the world's biggest green energy groups, Enel also confirmed its plans to become carbon-free by 2040 as it shifts away from fossil fuels towards greater use of renewables.

The group expects to add around 21 gigawatts (GW) of installed renewable capacity by 2025, an increase of around 40% on current levels.

Setting out plans to create a more agile company, CEO Francesco Starace said the group may decide to list its U.S. business in 2024 or partner with a fund.

Starace, who is 67 and has led Enel since 2014, indicated he would like to stay on when his current term expires next year.

"I like this work, it is a great job," he told analysts, adding it was up to shareholders to decide on whether he stayed.

Shares in Enel, which have lost around a quarter of their value this year, were up 1.5% in late morning trade. Analysts welcomed the strategy update but questioned executives at the presentation on how the company could grow core profit while slimming down the business.

WEANING FROM GAS

Enel aims to lower its net debt to 51-52 billion euro by the end of 2023 from 69 billion at the end of September.

Starace told analysts that turbulence in energy markets meant Enel needs to return to more prudent financial ratios. However, he said current high prices should help it to crystallize the value of its gas assets.

A deal to exit Enel's gas business in Chile could be done by the end of this year, Starace said, adding that would trigger the sale of its Spanish gas portfolio.

Enel controls Spanish utility Endesa, with a 70% stake.

Russia's invasion of Ukraine has underlined the importance of energy independence, Starace added.

He cited the expansion of a solar panel plant in Sicily as an example of this and added that a similar project was being evaluated in the United States.

Enel pledged to reward investors with a 0.43 euro dividend per year for the 2023-2025 period, up from 0.40 euros in 2022.

The 0.43 euros per share in 2024 and 2025 should be considered a floor that could be improved, Enel said.

Ordinary EBITDA is expected to grow to between 22.2 billion and 22.8 billion euros in 2025 from 19.0 billion-19.6 billion euros estimated for 2022, the group said. ($1 = 0.9761 euros) (Reporting by Francesca Landini; writing by Keith Weir; editing by Kirsten Donovan and Jason Neely)