Eni unit takes majority stake in 1.5-GW renewables portfolio in Italy, Spain

A unit of Italian oil and gas company Eni SpA (BIT:ENI) is acquiring a 65% stake in Hergo Renewables S.P.A., a company that owns a 1.5-GW portfolio of solar and wind projects in Spain and Italy.

Plenitude, a wholly owned subsidiary of Eni, is buying the interest from compatriot Infrastrutture SpA which will keep the remaining 35% of the portfolio, Eni said on Thursday.

The first project to be implemented from the wind and solar bundle is a 37-MW photovoltaic (PV) plant that will be located in the Italian municipality of Montalto di Castro. Works on it are expected to begin in the coming weeks with commissioning planned for the second half of 2023.

"The development of the wind and photovoltaic sectors is key to our growth strategy, which 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,” said Plenitude's chief executive Stefano Goberti.

In addition to helping with the decarbonisation of the Italian and Spanish electricity sectors, this agreement contributes to Eni's transition process and Plenitude's goal of achieving carbon neutrality by 2040, the oil and gas firm noted.

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