Eni's Plenitude Expands US Solar Portfolio with 272 MW
- Eni's Plenitude secures 80% stake in US solar farms, boosting its portfolio by 272 MW. The $400 million deal propels Plenitude towards its goal of 1.2 GW capacity in the US by 2026.
Eni's renewables arm, Plenitude, has acquired an 80% stake in a US portfolio of three operational solar farms with a total installed capacity of 340 MW. The deal, worth $400 million, adds 272 MW to Plenitude's portfolio and was agreed with EDP Renewables. The solar farms included in the deal are the Timber Road and Blue Harvest facilities in Ohio, and the Cattlemen plant in Texas. The sites cover 1,500 hectares and are expected to generate over 800 MWh of clean power annually. Plenitude aims to reach 1.2 GW of installed capacity in the US and 7 GW worldwide by 2026.
The sale of the majority stake in the portfolio is part of EDP Renewables' asset rotation program for 2023-2026. The program is currently more than 25% executed, according to CEO Miguel Stilwell d'Andrade.
What is the significance of Eni's acquisition of an 80% stake in US solar farms?
- Eni's acquisition of an 80% stake in US solar farms signifies the company's commitment to expanding its renewable energy portfolio.
- The deal adds 272 MW of installed capacity to Eni's renewables arm, Plenitude, bringing its total portfolio to 340 MW.
- The acquisition was made in partnership with EDP Renewables, a leading renewable energy company.
- The solar farms included in the deal are the Timber Road and Blue Harvest facilities in Ohio, and the Cattlemen plant in Texas.
- These solar farms cover a total area of 1,500 hectares and are expected to generate over 800 MWh of clean power annually.
- The acquisition aligns with Eni's goal of reaching 1.2 GW of installed capacity in the US and 7 GW worldwide by 2026.
- EDP Renewables' decision to sell the majority stake in the portfolio is part of its asset rotation program for 2023-2026.
- The program is currently more than 25% executed, indicating EDP Renewables' strategic focus on optimizing its renewable energy assets.
- The $400 million deal highlights the significant investment being made in the US solar energy sector.
- Eni's acquisition of the stake in these solar farms contributes to the growth of the renewable energy industry and the transition to a more sustainable energy future.
