Eni expands its renewables projects in Spain

The company has signed an agreement with Azora Capital for the acquisition of wind and solar projects with a total capacity of 1.2 GW

The Italian oil company Eni, through Eni gas e luce, has signed an agreement with Azora Capital for the acquisition of a portfolio of nine renewable energy projects in Spain. The transaction involves the acquisition of three wind farms currently in service and one under construction in the central/northern part of the country, with a total of 230 MW, and five large solar projects at an advanced stage of development, amounting to around 1 GW. 

According to the Italian company, the agreement is part of Eni's development strategy in the Spanish market, and focuses on the combined development of both its renewable energy generation capacity and the retail customer base. "This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our planned targets. At the same time we are reinforcing our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one where Eni gas e luce is now working on this project with a strong Spanish partner, Azora, and boosting its renewables supply with the aim of providing even more decarbonised energy to its customer base", says Claudio Descalzi, CEO of Eni. Santiago Olivares, for his part, senior partner and director of Azora's infrastructure team explains: "Renewable energy investment sits at the core of Azora’s capabilities and is a key sector for us. We are proud to support Eni with its continued expansion in the renewable energy area and look forward to leveraging our track record of over 20 years in the renewables sector to support such a leading global energy firm on this important growth journey".

Eni gas e luce is present in Spain through Aldro Energía Y Soluciones SL, a 100%-owned subsidiary that operates in the energy and gas sales market for both domestic customers and 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 with a total capacity of 140 MW.

Photo: Eni