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

·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.

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)