SUSTAINABILITY

Eni acquires wind projects in Italy totalling 315 MW

Eni has signed an agreement to acquire 100% of a portfolio of 13 onshore wind farms in Italy, for a total capacity of 315 MW already in operation, from Glennmont Partners (“Glennmont”) and PGGM Infrastructure Fund (“PGGM”)

San Donato Milanese (Milan), 9 July 2021 – Eni has signed an agreement to acquire 100% of a portfolio of 13 onshore wind farms in Italy, for a total capacity of 315 MW already in operation, from Glennmont Partners (“Glennmont”) and PGGM Infrastructure Fund (“PGGM”).

The acquired portfolio comprises 256 wind turbines that entered into operation between 2009 and 2016 and are located in Sicily, Apulia, Basilicata and Abruzzi regions. The transaction also includes the acquisition of a highly skilled team that will provide continued asset management and further portfolio development.

Including the 35 MW already under development in Apulia, Eni will now reach a total installed wind power capacity in Italy of 350 MW, becoming one of the leading renewables players in the country.

The transaction is part of a broader integration strategy between renewable power generation capacity and Eni gas e luce’s customer base. The portfolio in question will help to meet the energy needs of around 200,000 Italian families.

Eni’s CEO, Claudio Descalzi, commented: “This transaction represents an important step forward for Eni’s renewable energy growth, and will enable us to reach 4 GW of installed capacity in 2024, 15 GW in 2030 and 60 GW in 2050 as planned in our strategy. On the one hand we are growing organically, thanks to the projects that come from our domestic and international partnerships as well as our greenfield developments in upstream countries. On the other hand, we plan to accelerate growth through selective acquisitions, in particular in those countries where we have an existing broad customer base. Our renewable energies expansion, which through this transaction has already achieved over 1.3 GW of installed and under construction capacity, will be fully integrated with our retail business, creating a unique player of great value and a high development potential. This transaction demonstrates another significant milestone as Eni continues on its path towards leading the production and sale of decarbonised products”.

The sale will be subject to standard change of control procedure from the lenders.

For this transaction, Eni was supported by BNP Paribas as exclusive financial advisor, and by Chiomenti as legal advisor.

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