Italy’s Eni to acquire 1.2 GW renewable project portfolio in Spain


From pv magazine Spain

Italian energy company Eni has entered into an agreement to purchase a 1.2 GW renewable energy portfolio in Spain from independent real asset manager Azora.

The portfolio owned by Azora comprises three operational wind farms, one wind farm under construction (with a total of 230 MW between them) and five large solar power projects in advanced stages of development comprising 1 GW. The assets are located in Andalusia, Castilla-La Mancha, Castilla y León, Catalonia, Galicia, and La Rioja.

Azora and Eni say they will work together to ensure the entry into production of the five solar power projects by 2024 and add that they are developing a broader strategic agreement to continue to expand Eni's renewable energy platform in Spain – a market it entered in February with the purchase of 140 MW of PV projects from X-Elio.

Lazard and Uría Menéndez advised Azora on the financial and legal aspects of the transaction, respectively.

Santiago Olivares, partner in charge of Azora's infrastructure investments, commented, “We will leverage our track record of more than 20 years in this sector to support Eni in its ambitious growth plan.”

Among its plans, Eni also wants to develop a significant renewable portfolio in Italy. A few months ago, it announced the creation of a joint venture with Cassa Depositi e Prestiti Equity that will see around €800 million invested in renewable energies in the country until 2025. The two companies plan to build 1 GW solar and wind with the option to use Italian government properties.

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