Italian energy major Eni is expanding its renewables footprint following the acquisition of a majority stake in a local solar and wind power operator with projects under development totalling 1.5 gigawatts in Italy and Spain.
Eni’s wholly owned subsidiary Plenitude and compatriot power producer Infrastrutture Spa teamed up to acquire Hergo Renewables, which holds a portfolio of wind and solar projects in the two southern European countries. Eni and Plentitude have stakes of 65% and 35% respectively in Hergo.
“The development of the wind and photovoltaic sectors is key to our growth strategy, which aims to reach more than 2 GW of installed capacity from renewable sources by the end of 2022, scaling up to over 6 GW by 2025 and over 15 GW by 2030,” said Plenitude chief executive Stefano Goberti.
The two companies will first support a 37-megawatt capacity photovoltaic solar facility in Montalto di Castro, some 90 kilometres north of Rome, which is expected to enter into operation in the second half of next year.
Infrastrutture chief executive Pier Francesco Rimbotti will become Hergo Renewables’ new chief executive.
Plenitude, which handles the retail and renewables business of parent Eni, already holds the assets from the 2020 acquisition of solar power distributor Evolvere and the 2021 acquisition of Spanish supplier Aldro Energia.
That same year Plenitude also took over Be Power, an Italian supplier of charging infrastructure for the domestic and European market.
Plenitude has set a goal to achieve carbon neutrality in its energy supply by 2040.
Earlier this week, Eni applied to UK authorities for a licence to store carbon dioxide at the depleted Hewett gas field in the southern North Sea.