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Eni's Plenitude teams up with Infrastrutture SpA on renewable projects

Reuters
·1-min read

MILAN (Reuters) - Eni's Plenitude retail and renewable business has entered a partnership with energy developer and investor Infrastrutture SpA to build solar and wind power projects in Italy and Spain, the pair said on Thursday.

Under the deal, Plenitude will acquire a 65% stake in Infrastrutture's subsidiary Hergo Renewables, a company that holds a portfolio of projects in the two Mediterranean countries with a total capacity of approximately 1.5 gigawatts (GW).

Infrastrutture will retain the remaining 35% stake in Hergo Renewables

The first joint project is a photovoltaic plant in Montalto di Castro, in central Italy, with a capacity of 37 megawatts (MW), where works will commence in the coming weeks. The plant is expected to come into operation in the second half of 2023.

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Plenitude aims to reach more than 2 GW of installed capacity from renewable sources by the end of 2022, scaling up to over 6 GW by 2025 and over 15 GW by 2030, its CEO Stefano Goberti said in a statement.

(Reporting by Francesca Landini; Editing by Kirsten Donovan)