Madrid-based solar independent power producer (IPP) Dhamma Energy Group has agreed to sell its Spanish and French business to Italian oil-and-gas major Eni SpA, the parties announced on Monday.
The notice arrives on the same day Eni announced its agreement to acquire a 1.2-GW wind and solar portfolio in Spain from private equity firm Azora to beef up its operations in the renewables segment.
As part of the transaction, Dhamma Energy's co-founders will be disposing of a portfolio of solar projects in operation and under construction in France totalling over 120 MW, and a pipeline of over 2.8 GW of projects across both France and Spain.
Dhamma’s teams will be integrated into Eni Gas e Luce, Eni’s retail power and gas business, which in France operates as Eni Gas & Power France, and in Spain as Aldro Energia y Soluciones SL.
Dhamma’s founders will pursue their activities in other markets, such as Mexico, and focus on their green hydrogen business, the IPP said.
For Eni, the acquisition is part of its plan to expand the renewable power generation capacity and incorporate the renewables into its retail business in France and Spain.
The acquisition of Dhamma Energy’s Spanish and French business is subject to customary approvals. The financial side of the agreement was not disclosed by either party.
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