Plenitude Expands U.S. Renewable Energy Portfolio with Key California Acquisition

Plenitude Expands U.S. Renewable Energy Portfolio with Key California Acquisition

(IN BRIEF) Plenitude, through its U.S. subsidiary Eni New Energy US Inc., has signed an agreement with EDP Renewables North America to acquire a 49% stake in a California-based renewable energy portfolio. The portfolio includes two operational solar farms, Sandrini 100 and Sandrini 200, and a 368 MWh electricity storage facility under construction. This acquisition boosts Plenitude’s U.S. presence, bringing its total installed capacity in the country to approximately 1.7 GW. The deal highlights both companies’ commitment to enhancing energy infrastructure and supporting the development of renewable energy and energy storage systems in North America.

(PRESS RELEASE) MILAN, 16-Jan-2025 — /EuropaWire/ — Plenitude, via its U.S. subsidiary Eni New Energy US Inc., has entered into an agreement with EDP Renewables North America LLC (EDPR NA) to acquire a 49% equity stake in a portfolio comprising two operational photovoltaic plants and an electricity storage facility under construction in California.

The Sandrini 100 (100 MWac / 141 MWdc) and Sandrini 200 (200 MWac / 266 MWdc) solar farms share infrastructure with the Sandrini BESS storage facility, which has a capacity of 368 MWh. Collectively, these three plants have an installed capacity of approximately 499 MWdc, with Plenitude’s share accounting for 245 MWdc.

Stefano Goberti, CEO of Plenitude, commented, “This acquisition allows us to enter the California market, a crucial hub for renewable energy growth, while diversifying our presence in the U.S. It also reinforces our commitment to investing in energy storage solutions. With this deal, we will have a total installed capacity of around 1.7 GW in the United States.”

Sandhya Ganapathy, CEO of EDPR NA, emphasized, “Our collaboration with Plenitude strengthens our commitment to enhancing energy infrastructure across North America, supporting the development of additional solar and storage capacity to improve grid reliability and resilience.”

The completion of the transaction is pending the standard legal approvals.

Plenitude, a subsidiary of Eni, operates in more than 15 countries globally. The company’s activities encompass the production of renewable energy, with a total capacity of 4 GW, alongside the sale of energy and energy solutions to 10 million customers in Europe. Plenitude also manages nearly 22,000 electric vehicle charging points, with a goal of reaching 8 GW of renewable energy capacity by 2027.

EDP Renewables North America LLC (EDPR NA) develops and owns wind, solar, and energy storage systems across North America, with a total capacity exceeding 11 GW. The company has developed projects totaling over 12 GW and operates from its headquarters in Houston, Texas, employing more than 1,000 people. EDP Renewables is a global leader in renewable energy, with a presence in 28 regions worldwide and its headquarters in Madrid.

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SOURCE: Eni S.p.A.