Eni acquires majority stake in Italian PV installer Evolvere
- The transaction has been approved by AGCM, Italy’s antitrust authority. Prior to acquiring Evolvere – which recorded a turnover of more than €30 million in 2018 – Eni has mainly specialized in the construction of large-scale solar plants, rather than residential and commercial PV projects.
Italian oil and gas producer Eni has agreed to acquire a 70% stake in Evolvere, an installer of residential and commercial rooftop PV systems, via its Eni Gas e Luce S.p.A. (EGL) subsidiary. Italy’s AGCM antitrust authority revealed the transaction in a public notice.
Following the acquisition of Evolvere, EGL will be able to present integrated installation and maintenance solutions for PV systems up to 20 kW in size, in addition to remote control services and other smart home applications, the regulator said.
The companies did not reveal the financial terms of the transaction. Evolvere, which recorded a turnover of more than €30 million in 2018, said in mid-November that Eni had expressed interest in buying the remaining 30% stake at a later stage, in line with conditions laid out in the sealed acquisition agreement.
Eni has thus far mainly focused on Italy’s large-scale solar segment. The oil and gas producer is already developing 220 MW of PV power plants in the country, as well as a 14 MW floating PV project.