Eni, the Italian energy major company, announced this Monday it has substantially expanded its renewable energy projects across Spain and France, after two acquisitions; through its subsidiary Eni Gas e Luce.
Firstly, Eni signed an agreement with Azora Capital for the acquisition of a portfolio of nine renewable energy projects in Spain. The acquisition involves three wind farms in service and a wind farm under construction; for a total capacity of 230 megawatts. The acquisition also included five solar projects in advanced stages of development; with a total capacity of 1GW.
Secondly, according to the statement, both companies will work together to ensure the operational date of the projects, due in 2024. Companies are also working towards a broader strategic agreement to further scale-up Eni’s renewable energy platform in Spain.
Thirdly, the agreement is part of a strategy by the italian to grow its solutions across Spain; a strategy that focuses on the combined development of power generation capacity and retail customer base.
Moreover, about the acquisition, Claudio Descalzi, CEO of Eni, commented. “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.”
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Eni to takeover Dhamma Energy Group
On the other hand, Eni also completed a second acquisition; this time a takeover of the Dhamma Energy Group, which holds a platform for the development of solar plants in France and Spain. In fact, it holds up to 3 GW in both countries; and also includes plants already in operation or in advanced development in France for around 120 MW.
In addition, the transaction includes the integration of the team that contributed to Dhamma’s success into Eni; this would provide the company with a strong basis for further development of the renewable projects’ portfolio of the italian company.
About the relevance of such markets, Descalzi said. “For Eni gas e luce, France and Spain are pivotal markets; in which the company will increasingly enhance its value through the integration between retail and renewables.”
Finally, Olivier Crambade and Philippe Esposito, Dhamma’s Co-Founders, commented. “With this transaction, we are proud to contribute to Eni gas e luce’s renewable energy ambitions. In the current environmental, social and political context with a greater than ever focus on decarbonization and sustainability, it is reassuring to see industry leading companies like Eni fully embracing the energy transition.”
