Eni will expand its renewable energy presence in Spain with the acquisition of solar and wind power projects with a total capacity of 1.2 GW, the company reported on July 26.
Gas e Luce, Eni’s retail subsidiary, which has integrated its renewable energy operations, signed an agreement with Azora Capital to buy the portfolio of new renewable energy projects in Spain, it said in a statement.
Eni will acquire three wind farms already in operation and one that it is building in north-central Spain, with a total capacity of 230 GW, in addition to five solar energy projects with a total capacity of 1 GW, in an advanced state of development.
“This operation allows us to immediately increase our renewable energy generation capacity, in accordance with our plan, and at the same time reinforce our growth forecasts through a series of solar projects in a strategic market such as Spain,” he said in the Announced the CEO of Eni, Claudio Descalzi.
The two companies will collaborate so that projects in the construction or development phase begin to produce by 2024.
Eni has set a goal to have 4 GW of renewable energy capacity installed worldwide by 2024, with a customer base of more than 11 million, which will expand to 15 GW and 15 million customers by 2030.
The company has a strategic contract in force with Azora to continue expanding in Spain.
Eni signed an agreement with X-Elio in February to purchase three solar power projects in southern Spain, with a total capacity of 140 MW.