May 13 (SeeNews) – The European Commission (EC) has cleared the formation of a waste-to-energy joint venture by a unit of Italian oil and gas company Eni SpA (BIT:ENI) and domestic investment fund CDP Equity SpA, controlled by investment bank group Cassa Depositi e Prestiti, a statement showed on Wednesday.
The transaction, which was examined under a normal review procedure, is unlikely to raise any competition concerns given the very limited overlaps in the two parties' activities, the EC concluded.
Eni and CDP agreed in early March to set up CircularIT, which will build plants to produce biofuels and water for irrigation and industrial re-use from organic municipal waste. Under the terms, CDP Equity will own 51% of the new entity, whereas Eni Rewind, a subsidiary of the energy company, will keep the remaining 49%.
In December 2019, Eni and CDP inked a deal to form GreenIT, another joint venture, which is held at the same proportional stakes and will produce electricity from renewable sources.