Italian oil and gas multinational Eni's renewable energy arm Plenitude has joined hands with a local developer and investor Infrastrutture SpA to acquire 65% stake in the latter's renewables portfolio company Hergo Renewables that holds close to 1.5 GW capacity in Italy and Spain.
Infrastrutture will hold remaining 35% stake in solar and wind power company Hergo. The maiden project of the partnership will be a 37 MW solar power plant in Italy's Montalto di Castro (VT) region. Its commercial operations are expected to begin in H2/2023.
Under the partnership, Infrastrutture CEO Pier Francesco Rimbotti will be made the CEO of Hergo. He said, "The synergies with Plenitude will enhance our know-how, as well as the portfolio of projects that we have built up in Italy and Spain over our 30 years of experience in the sector, and which we plan to expand further."
Eni launched Plenitude in November 2021 as its new renewables and electric vehicles (EV) company, renaming it from Eni gas e luce, with a mandate to install 6 GW renewables capacity by 2025, and 15 GW by 2030 (see Eni Launches Renewable Energy Platform).
"The development of the wind and photovoltaic sectors is key to our growth strategy, which aims to reach more than 2 GW of installed capacity from renewable sources by the end of 2022, scaling up to over 6 GW by 2025 and over 15 GW by 2030," said Plenitude's CEO Stefano Goberti.
In January 2022, Eni acquired Solar Konzept Greece that expanded its renewables portfolio by around 800 MW (see Eni Acquires Greek Solar Company).