Enel SpA is targeting adjusted net income of between €6.6 billion ($7.2 billion) and €6.8 billion in 2024 as it shakes up its renewables investment strategy and cuts costs to curb debt in its new three-year business plan.

The newest outlook from Italy’s biggest listed company is in line with analyst estimates, as it looks to improve efficiency by focusing on higher-return projects, according to its 2023-2026 business plan unveiled Wednesday.

Chief Executive Officer Flavio Cattaneo’s initial strategy plan envisages shifting investments toward higher-margin renewable projects and focusing on distribution grids, breaking with his predecessor Francesco Starace’s approach of piling up green assets, which contributed to pushing the utility’s net debt to record levels last year.