June 6 (Renewables Now) - Italian oil and gas major Eni SpA (BIT:ENI) plans to create a joint venture with peer Sonangol to develop renewable energy projects in Angola, starting with a 50-MWp solar photovoltaic (PV) plant in the southern part of the country.
The two companies have signed a heads of agreement that outlines the incorporation of a joint controlled company called Solenova Ltd. The above-mentioned solar project is the first business opportunity identified by the parties and will be developed in a phased manner.
The move by Eni and Sonangol aligns with Angola’s energy strategy, which targets 800 MW of installed renewable capacity by 2025, with a focus on utility-scale solar, the announcement says.
Eni’s own strategy when it comes to renewables foresees developing by 2022 over 60 brownfield and greenfield projects globally with a combined capacity exceeding 1.6 GW. The capacity targeted for 2025 is 5 GW. The company estimates it will invest a total of EUR 1.4 billion (USD 1.58bn) for this purpose in the period 2019-2022.
(EUR 1.0 = USD 1.129)