The industrial diversification of companies that have always lived on the extraction, refining and distribution of petroleum derivatives, is running fast, almost perhaps a competition. We have closely followed Total's investments in the field of renewable energy worldwide, of Enel in various countries, while today we see Eni's new initiatives in Spain in the photovoltaic sector.

Indeed, Eni has reported through a press release that it has signed an agreement with X-Elio for the acquisition of three photovoltaic projects in southern Spain for a total capacity of 140 MW.

Eni and X-Elio have also started discussions for a strategic collaboration between the two companies for the development of green energy projects in Spain, where Eni aims to growth of 1 GW over the next 5 years, contributing to the achievement of the 5GW installed capacity target from renewables by 2025.

X-Elio is among the leaders in the field of renewable energy projects globally with an important presence in Spain, where it has developed and built projects for over 1 GW. The company currently has 250 MW projects under construction in the country, a long-term electricity purchase agreement (PPA) of over 650 MW, and over 1.5 GW under development.

Based on the agreement, the transfer of the projects will be subject to the usual authorizations, starting from the second half of 2021. Eni will be responsible for the construction of the plants and marketing of electricity.

Claudio Descalzi, CEO of Eni, declared: “This initiative significantly strengthens Eni's presence in the Spanish market with a large investment in the field of energy renewables and integrates the company's existing businesses in the region. The development of photovoltaic projects is in line with our strategy to support the energy transition and is a key element of the company's commitment to reducing CO2 emissions. This acquisition will also make it possible to exploit future synergies with the retail electricity & gas business “.

This agreement is added to the one recently signed by Eni gas e luce, a company wholly owned by Eni, with Grupo Pitma for the acquisition of 100% of Aldro Energía Y Soluciones SL, active in Spain and Portugal in the market for the sale of electricity, gas and services to residential customers and large, small and medium-sized enterprises.

Eni is also about to finalize the agreements relating to the amicable resolution of disputes relating to Union Fenosa Gas, following which Eni will directly enter into the natural gas sales activities in Spain to customers in the industrial sector, wholesalers and thermoelectric, strengthening its presence in the European gas market.

Automatic translation. We apologize for any inaccuracies. Original article in Italian.