MILAN – Italy’s Eni snapped up some 350 megawatts of renewable capacity in France and Spain on Monday in two separate deals as its plans to expand into green energy gather pace.
Eni launched last year a major overhaul to shift into renewables and reduce its oil and gas output.
On Monday, it announced Eni had bought Dhamma Energy Group, which has 120 MW of solar capacity in place or close to completion in France and a solar pipeline of 3 gigawatts in France and Spain.
It also said it had acquired nine renewable energy projects in Spain from investment company Azora Capital, with 230 MW of wind capacity in place or close to operation and five big solar farms for around 1 GW of capacity in an advanced stage of development.
Eni said it was working with Azora on a broader strategic agreement to further scale up its renewable energy platform in Spain.
“This operation allows us to … reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one,” Eni CEO Claudio Descalzi said of the acquisition from Azora.
Eni, which has pledged to be carbon neutral by 2050, is targeting renewable capacity of 15 GW in 2030 and 60 GW in 2050. In 2020 it had less than 1 GW.
Also on Monday, Eni agreed to develop renewable energy projects in Kazakhstan with state-owned oil and gas group KazMunaiGas.
Earlier this month it agreed to buy one of the largest onshore wind portfolios in Italy from fund manager Glennmont Partners.