Italian multinational energy firm Eni has signed two acquisition deals that will enable the company to expand its presence within the French and Spanish renewable energy markets.
The deals have been reached with Azora, a Spanish clean energy projects investor, and with Dhamma Energy Group.
The deal with Azora transfers a total of 1.2GW of wind and solar energy projects in Spain into the hands of Eni. The portfolio includes three onshore wind farms that are operational and one onshore wind farm that is still under construction. The two projects total 230MW.
In addition, Eni has acquired five large-scale solar projects with a total capacity of 1GW from Azora.
The projects are expected to begin operating by 2024.
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Claudio Descalzi, CEO of Eni, said: “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, where Eni gas e luce is now working on this project with a strong Spanish partner as Azora and it’s boosting its renewables supply, with the aim of providing even more decarbonised energy to its customer base”.
As part of a deal reached with the founders of Dhamma, Eni gas e luce, a subsidiary of Eni, will acquire the company’s entire renewable energy operations which total 3GW of operating capacity in Spain and France, and approximately 120MW of capacity which is under development in France.
Descalzi, added: “This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base. 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”.
Olivier Crambade and Philippe Esposito, Dhamma’s Co-Founders, commented: “The sale to Eni gas e luce is a perfect and natural evolution to support Dhamma’s ambition for the future. In the current environmental, social and political context with a greater than ever focus on decarbonization and sustainability.”
Eni gas e luce has been present in the retail electricity market since 2003 through Eni Gas & Power France with 1.3 million customers, while in Spain it operates through Aldro Energàƒa Y Soluciones S.L.