Plenitude, the renewables subsidiary of oil company Eni, has announced the acquisition of fellow Italian renewable energy company PLT and its assets.
The deal will see Plenitude expand its presence and portfolio in Italy and Spain. PLT owns 400MW of wind and solar capacity in Italy, and 1.2GW worth of projects under development in Spain, with 60% in an advanced development stage. The company will also transfer its 90,000 Italian retail customers to Plenitude.
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Stefano Goberti, CEO of Plenitude, said: “This acquisition will allow us to exceed 2GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6GW in 2025. Such growth supported by a pipeline of 13GW of solar and wind projects and by strategic and synergic agreements such as the one we are announcing today”.
Plenitude said that it intends to exceed 15GW of installed capacity by 2030. This acquisition is pending customary approvals before coming into effect.
Earlier this year, the company announced a partnership with independent power producer Infrastrutture to develop 1.5GW of solar and wind across Italy and Spain.