MILAN – Eni ENI.MI has agreed to buy one of the largest onshore wind portfolios in Italy from fund manager Glennmont Partners as part of plans to expand its green energy business.

Eni to buy Italian wind portfolio from Glennmont in green drive- oil and gas 360

Source: Reuters

The Italian energy group will buy a 315 megawatt portfolio comprising 13 plants, taking its overall wind capacity in Italy to 350 MW, it said in a statement on Friday without disclosing a price.

“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,” said CEO Claudio Descalzi.

He said the group would build new renewables capacity itself or make selective acquisitions, especially in countries where it had an existing broad customer base.

Eni, which has pledged to be carbon neutral by 2050, is targeting renewable capacity of 15 GW in 2030 and 60 GW in 2050.

The Glennmont deal comes as Eni picks up the pace on a major overhaul launched last year to transition into renewables and reduce its oil and gas output.

In April it announced plans to spin off its retail and renewable energy businesses as a single entity with a view to a potential listing of sale of a minority stake.

BNP Paribas advised Eni on the Italian wind portfolio deal while majority owner Glennmont and PGGM Infrastructure Fund were advised by Rothschild and L&B Partners.

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