Italy’s Eni puts its green plans into action with two separate deals on Monday. They snapped up 350 megawatts of renewable capacity in France and Spain.
Last year, Eni launched its plan to move into renewables and reduce its oil and gas output.
On Monday, Eni announced its purchase of Dhamma Energy Group, which has 120 MW of solar capacity in place, or close to completion, in France as well as solar pipeline of 3 gigawatts in France and Spain.
The second deal was the acquisition of nine renewable energy projects in Spain from investment company Azora Capital. These have 230 MW of wind capacity in place or close to operation and five big solar farms for around 1 GW of capacity in an advanced stage of development.
Strategic agreement with Azora
Eni said it was working with Azora on a broader strategic agreement. This will allow it to further scale up its renewable energy platform in Spain.
“This operation allows us to … reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one,” Eni CEO Claudio Descalzi said of the acquisition from Azora.
Carbon neutral pledge
Eni pledged to be carbon neutral by 2050. It is targeting renewable capacity of 15 GW in 2030 and 60 GW in 2050. It had less than 1 GW in 2020.
Also on Monday, Eni agreed to develop renewable energy projects in Kazakhstan. This project is with state-owned oil and gas group KazMunaiGas, Reuters reports.