Eni Acquires Spanish Renewable Energy Projects
Eni, an Italian energy company based in Rome, announced it will buy a large amount of energy capacity from Spanish renewable energy projects. It will work with Azora on the deal, of which the price is currently undisclosed.
Eni gas e luce is already present in the Spanish energy market through Aldro Energía Y Soluciones S.L., as a subsidiary that operates in gas and energy sales to households as well as various enterprise customers. In February this year, Eni signed an agreement with X-Elio - a leading company in PV development - to acquire three solar projects in the South of Spain with a total energy capacity of 140MW.
Renewable Energy Acquisition and Collaboration
The company, listed in the fortune 500 in 2020, is set to acquire around1200MW of Spanish solar and wind energy from Azora, a private equity firm based in Madrid. The portfolio includes four wind farms - three that are operational and one under construction - and five solar projects that are at critical development stages.
Claudio Descalzi, Chief Executive of Eni, has discussed what the acquisition means for the company. ‘This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets, and at the same time to reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one, where Eni is now working on this project with a strong Spanish partner as Azora and it’s boosting its renewables supply, with the aim of providing even more decarbonised energy to its customer base’.
The sites are located in various areas in Spain, including Andalucia, Castilla la Mancha, Castilla y Leon, Cataluna, Galicia and La Rioja. The allocated wind farms will produce a total of 230MW of energy while the solar projects will be responsible for 1GW. However, this is not a simple one-way transaction. Both companies will work together to ensure a successful implementation of the five solar projects by a 2024 deadline.
‘Renewable energy investment sits at the core of Azora’s capabilities and is a key conviction for us’, says Santiago Olivare, Infrastructure Team Head at Azora. ‘We are proud to support Eni with its continued expansion in the renewable energy space and look forward to leveraging our 20+ year track record in the renewables sector to support such a leading global energy firm on this important growth journey’.
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