Eni expands renewables base in Spain with 1.2-GW purchase
Eni has signed a deal to acquire nine wind and solar energy projects in Spain with a capacity totalling over 1.2 GW from US investment group Azora Capital, the Italian energy group said on July 26.
The acquisition covers three wind farms in service and a fourth under construction in the central and northern areas of the country with a combined capacity of 230 MW, along with five solar projects totalling 1GW that are at an advantaged stage of development. All the plants should be up and running by 2024, Eni said. The Italian firm added it was working on a broader strategic agreement with Azora to further expand its renewables base in Spain.
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"This operation allows us to increase our renewable power generation capacity with immediate effect," Eni CEO Claudi0 Descalzi said in statement.
The company will acquire the assets through its Eni Gas e Luce subsidiary, which markets gas, power and energy solutions in Italy, France, Greece, Spain, Portugal and Slovenia. The latest deal comes after Eni agreed to acquire three solar projects in south Spain with a combined capacity of 140 MW from local developer X-Elio in February.