LONDON — When Enel Green Power, the clean energy unit of the Italian utility Enel, raised €2.6 billion in an initial public offering in 2010, its focus was squarely on Europe.

The company envisaged building more than two-thirds of its new wind, solar and other renewable energy projects in Europe after the $3.4 billion I.P.O. to capitalize on lucrative subsidies from local governments that guaranteed high returns for investors.

Yet as the Continent’s debt crisis has continued to bite, many cash-strapped countries in Europe have pared back financial support for green energy investments.

In response, the Enel Green Power chief executive, Francesco Storace, has switched gears. Now, the Italian company, which is the second-largest producer of green energy in Europe, after Iberdrola of Spain, has shifted focus in search of new markets, particularly in the developing world.