NEWS

According to foreign media reports, Italian energy company ENI has reached an agreement with independent property management company Azora to purchase a 1.2GW renewable energy portfolio in Spain.

Azora owns a portfolio of three operating wind power plants, one wind power plant under construction (with a total capacity of 230MW between them) and five large solar power projects in late development stage, with a total capacity of 1GW. The assets are located in Andalusia, Castilla-La Mancha, Comunidad de Castilla y León, Catalonia, Galicia and La Rioja.

Azora and ENI said they would work together to ensure the formal operating of the five solar projects by 2024, adding that they are working on a broader strategic agreement to continue expanding ENI's renewable energy platform in Spain—ENI entered the Spanish market in February with the purchase of 140MW PV project from X-Elio.

Santiago Olivares, partner in charge of Azora's infrastructure investments, commented, "We will leverage our track record of more than 20 years in this sector to support ENI in its ambitious growth plan."

In its plans, ENI also wants to develop a significant renewable energy portfolio in Italy. A few months ago, it announced a joint venture with Cassa Depositi e Prestiti Equity, which is expected to invest around 800 million euros in the country's renewable energy sector by 2025.