Eni Expands Renewable Projects
Eni (NYSE: E), through Eni gas e luce, has signed a deal with Azora Capital for the acquisition of a portfolio of nine renewable energy projects in Spain.
The deal involves three wind farms in service and a wind farm under construction in the central/northern area of the country, and five large solar projects in advanced development, Eni revealed. For all plants under construction or in development, Eni said it will work together with Azora to ensure production by 2024. In addition, Eni noted that it is working with Azora towards a broader strategic agreement to further scale up Eni’s renewable energy platform in Spain.
The deal is part of Eni’s development strategy in the Spanish market and focuses on the combined development of renewable power generation capacity and retail customer base, Eni highlighted.
“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 decarbonized energy to its customer base,” Claudio Descalzi, the chief executive officer of Eni, said in a company statement.
Santiago Olivares, a senior partner at Azora and the head of the company’s infrastructure team, said, “renewable energy investment sits at the core of Azora’s capabilities and is a key conviction for us”.
“We are proud to support Eni with its continued expansion in the renewable energy space and look forward to leveraging our 20+ year track record in the renewables sector to support such a leading global energy firm on this important growth journey,” he added.
Eni gas e luce is present in Spain through Aldro Energía Y Soluciones S.L., which is a wholly owned subsidiary that operates in the energy and gas sales market for household customers as well as large, small, and medium-sized enterprises.
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