Eni obtains 1GW of Spanish solar from Azora

Jul 26, 2021 06:06 PM ET
  • Oil and also gas giant Eni has actually obtained 1.2 GW of Spanish renewables from Madrid-based European private equity manager Azora.
Eni obtains 1GW of Spanish solar from Azora
Image: Azora

The portfolio consists of five huge solar energy projects, located across Andalucía, Castilla la Mancha, Castilla y León, Cataluña, Galicia as well as La Rioja with a cumulative capacity of around 1GW.

Both business will collaborate to make sure the solar websites start manufacturing by 2024 as part of a broader calculated contract created to further Eni's renewable resource platform in Spain.

Along with the solar projects, the purchase includes three functional onshore wind ranches and also an onshore wind ranch that is presently under construction, which collectively amount to 230MW.

Last year Eni revealed strategies to deploy 55GW of renewables by 2050 in an effort to slash its absolute discharges by 80% and discharges strength by 55%. To support this objective, the company went into the Spanish renewables market for the very first time in February, safeguarding a bargain to acquire 3 PV projects from regional programmer X-Elio.

Talking about the procurement Claudio Descalzi, Chief Executive Officer of Eni, said the deal would certainly "strengthen" the company's development prospects in a critical renewables market.

Azora was suggested by Lazard as monetary consultant as well as Uría Menéndez as counsel.