Eni gas e luce, a fully owned subsidiary of Italy's oil and gas company Eni, is expanding its renewables portfolio in Europe through acquisitions. It has taken over the Spanish and French solar power portfolio from Spanish solar PV project developer Dhamma Energy. This expansion of its portfolio in these 2 markets comes after it acquired 3 solar power projects with 140 MW combined capacity in Spain from X-Elio, in February 2021 (see Italian Oil Firm To Acquire 140 MW Solar In Spain).
The acquisition from Dhamma Energy expands Eni's solar portfolio with a pipeline of over 2.8 GW of projects at various stages of development in both Spain and France, including close to 400 MW at an advanced stage of development. The acquisition also comprises over 120 MW of projects either operational or in advanced development. Dhamma Energy's team in these countries will also join Eni.
This deal helps Eni gas e luce to enter the French renewables market. Eni said this acquisition is part of its plan to expand its renewable energy generation capacity and its integration in the retail activities in the 2 European markets.
Dhamma Energy said it will pursue activities in other markets such as Mexico and green hydrogen business (see 95 GW Solar & 67 GW Electrolysis By 2030).
On the same day, Eni also announced signing an agreement for the acquisition of wind and solar power projects with 1.2 GW combined capacity in Spain, under an agreement with Azora Capital. The portfolio comprises 4 wind farms with a total of 230 MW capacity and 5 large scale solar projects at an advanced stage of development with a combined capacity of 1 GW.
At the same time, Eni said it is working with Azora Capital towards a broader strategic agreement to further scale-up its renewable energy platform in Spain where it operates as Aldro Energia Y Soluciones S.L.
Eni CEO Claudio Sescalzi explained, "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 is boosting its renewables supply, with the aim of providing even more decarbonized energy to its customer base."
Eni is making all round efforts to proliferate its renewable energy portfolio in various markets. In March 2021, it launched a joint venture with sovereign wealth fund CDP to build 1 GW wind and solar PV capacity in Italy by 2025 (see New joint Venture For 1 GW Renewable Energy In Italy).
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