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

December 2 (Renewables Now) – Plenitude, the power transition enterprise of Italian oil and fuel firm Eni SpA (BIT:ENI), has clinched a deal to amass Italian renewable challenge developer, energy producer and retailer PLT, taking maintain of its 1.6-GW fleet in Italy and Spain.

The settlement covers the acquisition of PLT Energia Srl and SEF Srl and their respective subsidiaries and associates, Eni mentioned on Thursday. In keeping with the Italian group, the deal is about to increase Plenitude’s pipeline of renewable power initiatives to about 13 GW and assist it obtain its 2-GW objective for put in capability. It can additionally add 900,000 new retail clients in its house nation.

Whereas the worth of the transaction was saved underneath wraps, unnamed sources have advised Reuters that the value may exceed EUR 500 million (USD 526.2m).

The goal will carry greater than 400 MW of Italian belongings, principally wind farms, most of that are already producing electrical energy. Round 20% of the general capability is underneath building and is deliberate to be commissioned by 2024. Moreover, PLT has 1.2 GW of initiatives underneath improvement in Italy and Spain, with greater than half of them being in superior maturity levels.

“This acquisition will enable us to exceed 2 GW of internet put in capability and, in keeping with the targets introduced to the market, we anticipate to achieve greater than 6 GW in 2025,” mentioned Plenitude’s CEO Stefano Goberti.

The deal is seen to help Plenitude’s development and improve its place in each Italy and Spain. Its closing is topic to customary approvals, Eni mentioned.

(USD 1.0 = EUR 1.052)

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