Eni's Plenitude buys renewables firm with 1.6-GW portfolio

• Plenitude, the energy shift company of Italian oil and gas firm Eni SpA (BIT: ENI), has actually secured a deal to acquire Italian renewable project developer, power producer and retailer PLT, taking hold of its 1.6-GW fleet in Italy and Spain.

The contract covers the purchase of PLT Energia Srl as well as SEF Srl and also their corresponding subsidiaries and also affiliates, Eni stated on Thursday. According to the Italian team, the deal is set to broaden Plenitude's pipeline of renewable energy projects to about 13 GW as well as help it accomplish its 2-GW objective for set up capacity. It will also include 900,000 new retail customers in its home country.

While the value of the purchase was kept under wraps, unnamed resources have informed Reuters that the rate might go beyond EUR 500 million (USD 526.2 m).

The target will bring greater than 400 MW of Italian assets, primarily wind farms, most of which are already generating power. Around 20% of the general capacity is under construction and also is prepared to be commissioned by 2024. In addition, PLT has 1.2 GW of projects under advancement in Italy and also Spain, with over half of them remaining in sophisticated maturation stages.

"This purchase will certainly permit us to surpass 2 GW of net mounted capacity as well as, in accordance with the targets revealed to the marketplace, we anticipate to get to greater than 6 GW in 2025," stated Plenitude's CEO Stefano Goberti.

The bargain is seen to sustain Plenitude's development and also boost its placement in both Italy as well as Spain. Its closing is subject to customary authorizations, Eni said.