Italian oil major Eni has made its first renewables investment in Spain, securing a deal to acquire three PV projects from local developer X-Elio.
Eni will be responsible for both construction and commercialisation of the plants, which will be located in the south of Spain and have a combined capacity of 140MW.
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The two companies have also entered into discussions for a larger collaboration for the development of clean energy projects in Spain, where Eni is aiming to reach up to 1GW in the next five years, contributing to its target of 5GW of installed renewables globally by 2025.
“The development of photovoltaic projects is consistent with our strategy in support of the energy transition and is a key element of Eni’s commitment in reducing CO2 emissions,” said Eni CEO Claudio Descalzi. “Furthermore, this acquisition allows for the future deployment of existing synergies with the power and gas retail business”.
Madrid-headquartered X-Elio has to date built more than 1GW of Spanish PV and is looking to develop a further 1GW in the next four years. In Spain’s renewables auction last month, the company secured 315MW of solar capacity, more than any other bidder.
Arancha Martínez, X-Eio’s country manager in Spain, said: “We are clearly committed to the development of new projects in the country. We will continue to work to promote the energy transition in Spain through PV solar energy.”