On Tuesday, Enel (BIT:ENEI) shares climbed 1.5 per cent in morning trading in Europe after the company said it will sell some €21 billion of assets to concentrate on a handful of core markets in the future.

The Italian-based energy group said it would focus largely on only six major markets: the US, Spain and Italy, and the key South American countries of Chile, Brazil, and Colombia.

Enel’s plans reflect a withdrawal from many frontier markets where the group has been trying to project itself as a major name in renewable energy. Solar and Wind farms from Australia to Zambia and the Canadian province of Alberta are outside its new perimeter.

The said move is also seen as a retreat from other big Latin American operations that the company inherited when it merged with Spain’s Endesa in 2009. The list includes large-scale power generation capacity in Mexico and Argentina. The company has already sold grid assets in Chile year for around €1.3 billion and operations in Russia for less than €1 billion (€1 = $1.0280).