Italian Oil Major Eni Acquires Big RE Portfolio in France and Spain

Italian oil and gas company Eni has acquired renewable energy portfolios in Spain and France through two separate deals: the acquisition of 9 RE projects totalling 1.2 GW capacity from Azora Capital in Spain; and the acquisition of the Dhamma Energy Group, whose solar projects at various stages of development in France and Spain have a cumulative capacity of 3 GW.

Eni’s agreement with Azora Capital, through its subsidiary Eni Gas e Luce, involves the acquisition of three wind farms in service and a wind farm under construction in the central/northern area of the country, for a total of 230 MW, and five large solar projects in advanced development for around 1 GW.

The company has stated that for all the plants under constructions or in development, Eni and Azora will work together to ensure entry into production by 2024. In addition, Eni and Azora are working towards a broader strategic agreement to further scale-up Eni’s renewable energy platform in Spain.

The agreement 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.

“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,” said Santiago Olivares, Senior Partner and Head of Azora’s Infrastructure team.

Eni, through Eni gas e luce, has also acquired the Dhamma Energy Group from the relevant founding partners. Dhamma’s asset portfolio comprises a pipeline of solar projects at various stages of development for almost 3 GW in both countries and includes plants already in operation or in advanced development in France for around 120 MW.

The transaction includes the integration of the team that contributed to Dhamma’s success into Eni gas e luce, providing a basis for further development of the renewable projects portfolio of Eni gas e luce.

The operation is part of the plan for the expansion of renewable power generation capacity and its integration in the retail activities in the French and Spanish markets.

“This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base. For Eni gas e luce, France and Spain are pivotal markets in which the company will increasingly enhance its value through the integration between retail and renewables,” Claudio Descalzi, CEO, Eni.

Completion of the transaction is subject to the achievement of the customary authorisations, said Eni.