Eni, an Italian energy firm, has agreed to buy a 1.2 GW renewable energy portfolio in Spain from Azora, an independent real asset management company. Azora’s portfolio includes three operational wind farms, one under construction wind farm (for a total of 230 MW), and five major solar power projects in advanced phases of development totaling 1 GW.
Andalusia, Castilla-La Mancha, Castilla y León, Catalonia, Galicia, and La Rioja are among the assets. Azora and Eni announced that they will work together to get the five solar power projects up and running by 2024, and they’re working on a larger strategic partnership to help Eni grow its renewable energy platform in Spain. It joined the market in February 2021 when it bought 140 MW of PV projects from X-Elio.
The business would buy nine wind and solar generating projects in the country’s central and northern areas under the conditions of the agreement. Three wind farms are now active, and one is under construction. The total capacity of the projects is 230 MW. The five solar projects included in the transaction are in advanced development and will have a total capacity of about 1GW once completed.
Eni also intends to build a substantial renewable portfolio in Italy as part of its objectives. It launched a joint venture with Cassa Depositi e Prestiti Equity a few months ago that will spend about €800 million in renewable energy in the country until 2025. The two firms aim to construct a 1 GW solar and wind power plant, with the possibility of using Italian government land.