Eni inks deal to acquire 1.2-GW wind, solar portfolio in Spain

Madrid-based private equity manager and real assets investor Azora said Monday that it has signed an agreement to sell a 1.2-GW wind and solar portfolio in Spain to Italian oil-and-gas major Eni SpA (BIT:ENI).

The portfolio adds up to 230 MW of wind and some 1,000 MW of solar energy capacity. The wind power capacity is split between three operational onshore wind farms and one project under construction. On the solar side, the portfolio has five large-scale projects in advanced stages of development, Azora said.

All assets are located in the Spanish regions of Andalusia, Castile-La Mancha, Castile and Leon, Galicia and La Rioja.

Before reaching the agreement to pass the portfolio to Eni, Azora owned the bundle alongside third-party investors, according to Azora’s press release.

Going forward, Azora and Eni will collaborate to have the five solar projects in operation by 2024. The parties are also working on a broader strategic agreement to further scale up Eni’s renewable energy platform in Spain, the release states.

Financial details were not disclosed.

Eni is acquiring the portfolio through its retail gas, power and energy solutions business Eni Gas e Luce, the company said separately.

“This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets, and at the same time to reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one [...]”, commented Claudio Descalzi, CEO of Eni.

Eni Gas e Luce operates in Spain via a wholly-owned subsidiary Aldro Energia y Soluciones SL, selling energy and gas to households and large, small and medium-sized enterprises.

Eni landed its first investment in Spain earlier this year, through an agreement to acquire a 140-MW solar PV portfolio from renewables developer X-Elio.

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