Italian energy company Eni is to buy 1200MW of Spanish wind and solar projects from Madrid-based European private equity manager Azora for an undisclosed price.
The portfolio comprises three operational onshore wind farms, an under-construction wind farm, and five solar projects in advanced stages of development.
The wind farms total 230MW and the solar parks about 1GW.
They are located in the regions of Andalucía, Castilla la Mancha, Castilla y Leon, Cataluna, Galicia and La Rioja.
Azora and Eni will work together to ensure the entry into production of the five solar energy projects by 2024.
In addition, Azora and Eni are working on a broader strategic agreement to further scale up Eni’s renewable energy platform in Spain.
Azora Infrastructure team head Santiago Olivare said: “Renewable energy investment sits at the core of Azora’s capabilities and is a key conviction for us.
“We are proud to support Eni with its continued expansion in the renewable energy space and look forward to leveraging our 20+ year track record in the renewables sector to support such a leading global energy firm on this important growth journey.”
Eni chief executive Claudio Descalzi (pictured) said: “This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets, and at the same time to reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one, where Eni is now working on this project with a strong Spanish partner as Azora and it’s boosting its renewables supply, with the aim of providing even more decarbonised energy to its customer base.”
Azora was advised by Lazard as financial adviser and Uria Menéndez as legal adviser.