Italian renewable energy company Plenitude has acquired a 49% stake in the 300MW Sandrini solar-plus-storage portfolio in California from EDP Renewables North America.
Plenitude, a subsidiary of oil major Eni, completed the deal through its US subsidiary, Eni New Energy US, for the portfolio, which consists of three projects: the 200MW Sandrini I project, the 100MW Sandrini II project and a co-located battery energy storage system (BESS), all of which share a grid connection. The company noted that the closing of the transaction is subject to customary approvals.
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“Through this transaction we position ourselves in the California market, one of the most relevant for the development of renewables, further diversifying Plenitude presence in the US and confirming our commitment to invest in electric storage systems,” said Plenitude CEO Stefano Goberti. “Thanks to this acquisition we reach a total installed capacity in the country of about 1.7GW”.
Plenitude commissioned the Sandrini projects in January, and is currently completing construction work on the portfolio’s storage component, which it expects to commission this year. The company has already signed 15-year power purchase agreements (PPAs) to sell power from the Sandrini I and II projects to oil and gas major Shell and the Redwood Coast Energy Authority, a Californian community choice aggregator, respectively.
The Sandrini portfolio will form part of Plenitude’s plans to expand its global footprint to include ownership of 8GW of installed renewable energy capacity by 2027. The company has made headway at a number of projects in Spain, in particular, in recent months, including starting construction at a 220MW project last October and announcing a 850MW portfolio with Avintia Energía last May.
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