Eni and X-Elio have signed an agreement according to which Eni will acquire three of X-Elio’s solar PV projects. These projects are located in Spain and have a total capacity of 140 MW. They are also planning for a larger strategic collaboration as part of which the parties will develop renewable energy projects in Spain, where Eni aims to have 1 GW of renewable energy projects in the next five years.

According to the agreement, the projects will be transferred following customary authorisation. Eni will be responsible for the construction of the plants and for the electricity commercialisation.

X-Elio, a leading renewable energy developer, has developed and built more than 1 GW of assets in Spain with 250 MW under construction and over 1.5 GW under development. It has power purchase agreements for over 650 MW of projects. 

In 2020, Eni announced its target to reach a reduction of its absolute emissions by 80% in 2050.

According to a recent announcement, Eni plans to improve this target and is committing to reach complete carbon neutrality by 2050. Further, it plans to merge the renewables business with the gas and power retail business to further increase integration and synergies and increase supply of renewable power from 4 GW to 15 GW by 2024 and 2030 respectively.