Eni gas e luce, a subsidiary of Italian oil giant Eni, has entered into an agreement to acquire 70% of Evolvere from L&B Capital.

The energy retail company also added there is an option to purchase the remaining 30% of Evolvere in the future under the conditions already agreed between the parties.

Evolvere is a major player in the distributed generation sector in Italy, with approximately 11,000 photovoltaic plants, generating nearly 58MW of combined installed power.

Among these, the company owns around 8,000 plants installed on domestic customers’ and businesses’ rooftops.

Its activities include the sale, installation and maintenance of solar photovoltaic plants and batteries for residential customers and businesses up to 20KW.

Additionally, with the help of its proprietary technological platform, the company provides its customers the ability to monitor and manage their homes remotely, as well as advanced analytical tools to monitor energy production and reduce energy consumption.

Evolvere is also involved in a pilot test in Lombardy, Italy for the supply of flexibility services from households to the grid.

Eni gas e luce CEO Alberto Chiarini said: “In an energy market where final customers take on a more active role – being both producers and consumers – Evolvere’s acquisition lets Eni gas and luce become a leader in the market of distributed generation from renewable sources in Italy, in accordance with Eni’s mission that aims to create value through the energy transition.”

“Following the acquisition, Eni gas e luce is best positioned to create further value – Alberto Chiarini added – making new business opportunities available to Evolvere, by involving its business partners and providing the company with the resources needed to seize the opportunities of a fast growing market.”

The deal is expected to be finalised upon securing all authorisations from the relevant authorities.

The deal will boost Eni gas e luce’s commitment to assist its customers

The transaction will further strengthen Eni gas e luce’s commitment to assist its customers make the best use of energy, to use it less.

The acquisition follows Eni gas e luce’s entry into the e-mobility market, with the launch of electric vehicles’s recharging solutions for households and businesses.