Eni plans Spanish debut with 140-MW solar buy

Italian oil-and-gas major Eni SpA (BIT:ENI) said it has agreed to acquire three solar photovoltaic (PV) projects totalling 140 MW in southern Spain.

The company signed an agreement with Spain-based renewables developer X-Elio and expects to finalise the takeover of projects from the second half of 2021 onward, once customary conditions are met.

Financial and project details are kept under wraps.

The parties are also discussing forging a larger strategic collaboration on the development of renewable energy projects in Spain, Eni said. The company is targeting up to 1 GW of renewables in the Spanish market in the next five years.

The X-Elio deal marks Eni’s first investment in renewables in Spain, a market already crowded with like-minded oil-and-gas majors.

Eni previously signed an agreement to acquire a 100% stake in a gas and power retailer Aldro Energia y Soluciones SL, which operates in Spain and Portugal.

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