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Eni unit completes acquisition of 70% stake in Italian solar power producer

Eni gas e luce SpA, a subsidiary of Italian integrated oil and gas major Eni SpA, completed its acquisition a 70% stake in Evolvere SpA from L&B Capital SpA and Enventi Srl, for an undisclosed amount.

The transaction received approval from Italy's antitrust authorities on Jan. 7, according to a Jan. 20 release.

According to Eni, the deal would allow its subsidiary to lead in the area of distributed generation from photovoltaic plants in Italy.

Based in Milan, Italy, Evolvere produces electricity using a photovoltaic system and manages 11,000 photovoltaic plants with a total capacity of about 58 MW.