Plenitude, a renewables subsidiary of oil major Eni, has partnered with independent power producer (IPP) Infrastrutture to develop 1.5GW of solar PV and wind projects in Italy and Spain.
Plenitude will acquire a 65% stake in Hergo Renewables, which holds the 1.5GW portfolio of projects to be developed in the two European countries, while Infrastrutture will retain the remaining 35% stake.
The first project will be a 37MW solar PV plant in Montalto di Castro, north of Rome, with construction set to start in the coming weeks. It is expected to reach commercial operations in H2 2023.
Plenitude aims to have more than 2GW of installed renewables capacity by the end of the year before scaling up to more than 6GW by 2025 and 15GW by the end of the decade, said Plenitude’s CEO, Stefano Goberti.
“With this partnership, we are adding an important development platform to our portfolio in order to boost our ability to generate energy from renewable sources for our customers across Italy and Spain,” added Goberti.
Pier Francesco Rimbotti, who is the current CEO of Infrastrutture, will take the role of CEO at Hergo Renewables.
“The synergies with Plenitude will enhance our know-how, as well as the portfolio of projects that we have built up in Italy and Spain over our 30 years of experience in the sector, and which we plan to expand further,” added Rimbotti.