Plenitude Acquires a Portfolio of 1.5 GW Renewables in Italy and Spain

Plenitude, a subsidiary of the Italian oil company Eni, has obtained a portfolio of 1.5 GW of wind and photovoltaic projects in Italy and Spain after acquiring 65% of Hergo Renewables and thus becoming the majority shareholder of the development firm of renewable projects.

For its part, Infrastrutture, an Italian group specializing in renewable energies, will maintain the remaining 35% of the capital.

Plenitude, a subsidiary of the Italian oil company Eni, has obtained a portfolio of 1.5 GW of wind and photovoltaic projects in Italy and Spain after acquiring 65% of Hergo Renewables and thus becoming the majority shareholder of the development firm of renewable projects. For its part, Infrastrutture, an Italian group specializing in renewable energies, will maintain the remaining 35% of the capital.

The first project of the association will be a photovoltaic plant in Montalto di Castro (Viterbo), with a capacity of 37 MW, whose works are scheduled to begin in the coming weeks, and it is expected to come into operation in the second half of 2023.

Plenitude CEO Stefano Goberti said the partnership allows the company to add “an important development platform” to its portfolio to enhance its ability to generate power from renewable sources for its customers throughout Italy and Spain.

In addition, the CEO added that “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, expanding to more than 6 GW by 2025 and more than 15 GW by 2030.”

Bet on Spain
At the beginning of last year, the giant Eni entered the Iberian electricity and gas market with the purchase of the trading company Aldro EnergĂ­a with the aim of competing with the Spanish Repsol and the French Total. Thus, the transalpine energy company acquired a portfolio of 250,000 clients of the marketer, distributed between Spain and Portugal.

In addition to all of the above, in the month of July last year, the company took an important step in its commitment to the renewable energy market in Spain with the closing of two operations for which it acquired portfolios of about 2.7 gigawatts in total.

Specifically, the Eni subsidiary bought a project portfolio of 1.2 GW from the Azora company and took over Dhamma Energy, which then had 1.5 gigawatts in the Spanish market.

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