Italian energy company Eni has entered the French renewable power generation market and is also expanding its wind and solar presence in Spain with the acquisition of projects amounting to around 4 GW, the company said on July 26.
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Eni's retail division, gas e luce, which it has integrated with its renewable power operations, acquired the Dhamma Energy Group, taking on its solar projects portfolio of almost 3 GW in France and Spain, it said in a statement.
With the agreement, Eni has made its first move into the French renewable power sector, acquiring 120 MW of solar plants in operation or advanced development in the country. The rest of the project is at various stages of development, the company said.
"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," Eni CEO Claudio Descalzi said in the statement.
"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," Descalzi said.
Separately, Eni gas e luce signed an agreement with Azora Capital to buy nine renewable energy projects with a total capacity of 1.2 GW in Spain.
Eni will acquire three wind farms in service and one under construction in central-northern Spain, totaling 230 MW, in addition to five solar projects totaling around 1 GW, in advanced development, the company said.
"This operation allows us to increase our renewable power generation capacity with immediate effect," Descalzi said.
Eni and Azora will work together to target first round of production from the projects under construction or in development by 2024.
Eni aims to have 4 GW of installed renewable capacity globally by 2024, with a customer base of over 11 million, expanding to 15 GW of renewables and 15 million customers by 2030.
The company has a strategic agreement with Azora to further expand in Spain.
Eni had signed an agreement with X-Elio in February to buy three solar projects in southern Spain with a total capacity of 140 MW.