The Italian company aims to increase its capacity to 1GW in Spain in the coming five years
Eni has reached an agreement with X–Elio, a developer of photovoltaic plants, to acquire three solar projects with a total capacity of 140MW in southern Spain.
Under the terms of the agreement, Eni will be responsible for the construction and commercialisation of electricity for the plants.
The transfer of the projects is expected to begin from the second semester of 2021, subject to customary authorisation.
Eni has also entered into discussions with X-Elio for an expanded collaboration for the development of renewable projects in Spain.
Through the collaboration, the Italian company aims to increase its capacity to 1GW in the country in the coming five years, contributing to its installed renewable energy target of 5GW by 2025.
Eni chief executive officer Claudio Descalzi said: “This initiative greatly reinforces Eni’s presence in the Spanish market with a remarkable investment in the renewable energy sector, and it complements the existing businesses already established in the region.
“The development of photovoltaic projects is consistent with our strategy in support of the energy transition and is a key element of Eni’s commitment in reducing CO2 emissions. Furthermore, this acquisition allows for the future deployment of existing synergies with the power & gas retail business.”
The agreement with X–Elio follows Eni’s recent acquisition of Aldro Energía Y Soluciones from Grupo Pitma, through its subsidiary Eni gas e luce.
Aldro Energía Y Soluciones operates in Spain and Portugal, selling electricity, gas and services to household customers including large, medium and small businesses.
X-Elio is a renewable energy developer with significant presence in Spain, where it has developed and built more than 1GW.
The firm currently has 250MW under construction, over 650MW through Power Purchase Agreement (PPAs) and over 1.5GW under development.