Plenitude, an Eni subsidiary which specialises in renewable energy, has agreed to pay an undisclosed price for a 100 per cent ownership in PLT, a company that develops and distributes renewable energy projects. PLT provides service to 90,000 retail customers in Italy and has a 1.6 GW renewable portfolio in Spain.

According to the agreement, Plenitude will acquire PLT Energia, SEF, and each of their affiliated companies’ subsidiaries. The agreement will expand Plenitude’s portfolio by more than 400 MW of renewable assets, the majority of which are wind farms. Approximately 80 per cent of these assets are already operational. The 20 per cent of the portfolio that is still being developed is scheduled to launch in 2024.

Additionally, PLT is constructing 1.2 GW of capacity in Spain and Italy, with the majority of these assets already reaching advanced maturity stages. The agreement will bring Plenitude’s pipeline of renewable project capacity to around 13 GW. The completion of it is awaiting the necessary approvals. Plenitude, a Lombardy-based energy provider, currently works with almost ten million retail clients across Europe. By 2025, the company expects to have more than 11 million clients and more than 30,000 electric vehicle charging stations in place.

In October 2022, Plenitude opened the El Monte wind farm in Spain. The 104.5 MW wind farm, which is situated in Castilla La Mancha, has 19 GE wind turbines. The plant has the capacity to generate 300 GWh of renewable energy annually, which is sufficient to power 100,000 homes in the area. The El Monte project was developed in cooperation with Plenitude’s strategic partner in Spain, Azora Capital. Earlier, Azora Capital collaborated with the Eni subsidiary to create solar PV and wind projects across the country.

REGlobal’s Views: Acquisitions are an increasingly popular means to quickly expand portfolios in the renewable energy sector. Large developers with deep pockets want to amass more assets and ready to pay good price, while players who are unable to sustain themselves in this competitive environment get adequate value for the sale.