The two firms will collaborate on potential developments of renewable energy projects across Africa and Southeast Asia, with an initial focus on the UK
Italian multinational oil and gas company Eni has signed a co-operation agreement with Mainstream Renewable Power to develop large-scale renewable assets.
The deal allows the partners to collaborate on potential developments of clean power plants across Africa and Southeast Asia, with an initial focus on the UK.
Mainstream wholly-owns 1.3GW of fully contracted wind and solar assets in Chile which are on track to reach commercial operation starting in 2021. In Africa, the company has delivered 600MW of wind and solar assets into commercial operation in South Africa.
Eni energy solutions department executive vice-president Luca Cosentino said: “Eni’s commitment towards renewable projects development is one of the main pillars of the company’s decarbonisation strategy, which also includes the reduction of direct GHG emissions in all its activities, a low-cost and low-carbon portfolio, and investments in R&D.
“In line with these key drivers, Eni has defined an integrated business model, which draws on specific areas of expertise and competitive advantages such as Eni’s technical competences and global presence.
“We believe that this new partnership with Mainstream will bring additional value to our renewable business especially in the area of offshore wind.”
Eni’s renewable energy goals
Eni targets to have 1.6GW of new installed solar, wind and storage capacity by 2022 and 5GW by 2025.
The company’s engagement in renewable energy is intending at complementing its traditional business as it aims to extend the value chain.
Recently, ArmWind, a local joint venture between Eni and General Electric, has secured a 48MW wind farm in an online reverse auction in Kazakhstan.
In June 2019, Eni and Sonangol agreed to create Solenova, a joint controlled company to assess and develop renewable energy opportunities in Angola.
The partnership’s first business opportunity in the renewable energy sector consists of the phased development of a 50MW solar project in the Southern part of the country.