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Eni's retail unit to buy 70% of Italian solar DG firm Evolvere

Solar panels. Source: Eni SpA (www.eni.com).

November 21 (Renewables Now) - Eni gas e luce, owned by Italian oil and gas major Eni SpA (BIT:ENI), on Tuesday said it has agreed to buy a 70% stake in local distributed generation (DG) solar firm Evolvere SpA for an undisclosed amount.

Under the agreement reached with Evolvere's main shareholder, investment company L&B Capital SpA, Eni gas e luce could take over the remaining 30% of the company in the future at the same terms. The deal is to close after being cleared by the relevant authorities.

Evolvere manages around 11,000 photovoltaic plants, with a total installed capacity of 58 MW. The acquisition will help Eni gas e luce strengthen its position in the renewables DG market in Italy, it said.

The Italian market for small PV plants is expected to expand fast over the next four years, with new installed power of 290 MW a year on average, Eni gas e luce said.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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