Eni Buys Two Renewables Portfolios With Projects For 4,000 MW

Eni, through Eni gas e luce, has signed two of the largest renewables operations of the year. On the one hand, the company has reached an agreement with Azora Capital for the acquisition of a portfolio of nine renewable energy projects in Spain representing 1,200 MW.

Likewise, the company has reached an agreement to acquire the Dhama Energy business, which represents a portfolio of 2,800 MW in Spain and 120 MW in France. In other words, the Italian oil company has 4,000 MW of clean energy projects that put it at the level of its main competitors Total, Galp or Repsol in our country.

The operation represents one of the largest acquisitions of the renewables portfolio that has been carried out in Spain since the arrival of Total and its agreement with Ignis.

According to the Italian oil company, the acquisition from Azora consists of taking three wind farms in service and a wind farm under construction in the center / north of the country, for a total of 230 MW, and five large solar projects in advanced development for around of 1 GW.

For all plants under construction or under development, Eni and Azora will work together to ensure entry into production by 2024. In addition, Eni and Azora are working on a broader strategic agreement to continue expanding 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 energy generation capacity and the retail customer base.

Santiago Olivares, Senior Partner and Director of the Azora Infrastructure team, commented: “Investing in renewable energy is at the core of Azora’s capabilities and is a key conviction for us. We are proud to support Eni in its continued expansion in into the renewable energy space and we look forward to leveraging our 20+ year track record in the renewable energy industry to support a leading global energy company on this important growth journey. ”

On the other hand, the company has also announced an agreement to acquire the Dhamma Energy portfolio. The company has a portfolio of 2.8 GW in Spain and France, of which around 400 MW are in an advanced stage of development.

Eni gas e luce is present in Spain through Aldro Energía Y Soluciones, a 100% subsidiary that operates in the market for the sale of energy and gas for domestic customers, as well as for large, small and medium-sized companies. In February 2021, Eni signed an agreement with X-Elio for the acquisition of three solar projects in southern Spain for a total capacity of 140 MW.

The transaction for the acquisition of Dhama has been advised by Nomura Greentech as exclusive financial advisor, as well as by Fieldfisher and Gómez-Acebo & Pombo as legal advisers.

Claudio Descalzi, CEO of Eni, has commented: “This operation allows us to increase our capacity to generate renewable energy with immediate effect, in compliance with the objectives of our plan, and at the same time reinforce our growth prospects through a portfolio of solar projects in a strategic market such as Spain, in which Eni gas e luce is now working on this project with a strong Spanish partner such as Azora and is promoting its supply of renewables, with the aim of providing even more decarbonized energy to its customer base”.

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