Eni acquires solar plants in Spain and France by taking over Dhamma Energy Group
Eni, through Eni gas e luce, has acquired the Dhamma Energy Group (“Dhamma”) from the relevant founding partners.
The company holds a platform for the development of solar plants in France and Spain.
Dhamma’s asset portfolio comprises a pipeline of projects at various stages of development for almost 3 GW in both countries and includes plants already in operation or in advanced development in France for around 120 MW.
The transaction includes the integration of the team that contributed to Dhamma’s success into Eni gas e luce, providing a basis for further development of the renewable projects portfolio of Eni gas e luce.
The operation is part of the plan for the expansion of renewable power generation capacity and its integration in the retail activities in the French and Spanish markets.
“This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base.
For Eni gas e luce, France and Spain are pivotal markets in which the company will increasingly enhance its value through the integration between retail and renewables”.Claudio Descalzi, CEO of Eni
The sale to Eni gas e luce is a perfect and natural evolution to support Dhamma’s ambition for the future.
In the current environmental, social and political context with a greater than ever focus on decarbonization and sustainability, it is reassuring to see industry leading companies like Eni fully embracing the energy transition.
With this transaction, we are proud to contribute to Eni gas e luce’s renewable energy ambitions.
Eni gas e luce’s support, together with Dhamma’s strong track record and significant experience in developing utility-scale solar PV projects, will undoubtedly enable to further accelerate growth in Spain and France”.Olivier Crambade and Philippe Esposito, Dhamma’s Co-Founders
Completion of the transaction is subject to the achievement of the customary authorisations.
Eni gas e luce has been present in the retail electricity market since 2003 through Eni Gas & Power France with 1.3 million customers, while in Spain it operates through Aldro Energía Y Soluciones S.L., a wholly owned subsidiary that operates in the energy and gas sales market for household customers as well as large, small and medium-sized enterprises.
In February 2021, Eni signed an agreement with X-Elio for the acquisition of three solar projects in southern Spain for a total capacity of 140 MW.
Eni expands renewable projects in Spain
The company signed an agreement for the acquisition of wind and solar projects for a total capacity of 1.2 GW
San Donato Milanese (Milan), 26 July 2021 – Eni, through Eni gas e luce, has signed an agreement with Azora Capital for the acquisition of a portfolio of nine renewable energy projects in Spain.
The operation involves the acquisition of three wind farms in service and a wind farm under construction in the central/northern area of the country, for a total of 230 MW, and five large solar projects in advanced development for around 1 GW.
For all the plants under constructions or in development, Eni and Azora will work together to ensure entry into production by 2024.
In addition, Eni and Azora are working towards a broader strategic agreement to further scale-up Eni’s renewable energy platform in Spain.
The agreement is part of Eni’s development strategy in the Spanish market and focuses on the combined development of renewable power generation capacity and retail customer base.
“This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets, and at the same time to reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one, where Eni gas e luce is now working on this project with a strong Spanish partner as Azora and it’s boosting its renewables supply, with the aim of providing even more decarbonised energy to its customer base”.Claudio Descalzi, CEO of Eni
“Renewable energy investment sits at the core of Azora’s capabilities and is a key conviction for us.
We are proud to support Eni with its continued expansion in the renewable energy space and look forward to leveraging our 20+ year track record in the renewables sector to support such a leading global energy firm on this important growth journey.”Santiago Olivares, Senior Partner and Head of Azora’s Infrastructure team
Eni gas e luce is present in Spain through Aldro Energía Y Soluciones S.L., a wholly owned subsidiary that operates in the energy and gas sales market for household customers as well as large, small and medium-sized enterprises. In February 2021, Eni signed an agreement with X-Elio for the acquisition of three solar projects in southern Spain for a total capacity of 140 MW.