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Eni to grow green footprint in Spain after buying three solar power plants

Eni to grow green footprint in Spain after buying three solar power plants

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The plants have a total installed capacity of 140 megawatts (MW), Eni said, adding it was in talks with X-Elio to develop more renewable energy projects in the country to reach 1 gigawatts (GW) over the next five years.

MILAN: Italian energy group Eni has agreed to buy three solar power projects in Spain from renewable energy developer X-Elio as part of plans to expand its green business.

The plants have a total installed capacity of 140 megawatts (MW), Eni said, adding it was in talks with X-Elio to develop more renewable energy projects in the country to reach 1 gigawatts (GW) over the next five years.

Eni, which makes most of its core earnings from oil and gas, unveiled an ambitious clean-up drive of its business last year that includes hiking its renewable energy capacity to 5 GW by 2025 and more than 55 GW by 2050.

The company is due to update its strategy on Friday.

“This initiative greatly reinforces Eni’s presence in the Spanish market … and it complements the existing businesses already established in the region,” Eni Chief Executive Claudio Descalzi said.

X-Elio has 250 MW of renewable capacity under construction in Spain and more than 1.5 GW under development.

Source: reuters
Anand Gupta Editor - EQ Int'l Media Network