ENI: Plenitude acquires a solar plant and a storage project in Texas for additional 466 MW

BayWa r.e. used with permission.

(PRESS RELEASE) SAN DONATO MILANESE, 24-Feb-2022 — /EuropaWire/ — Eni (BIT: ENI), an Italian multinational energy company with focus on innovation, efficiency and accessibility for all, has announced that Plenitude (formerly Eni gas e luce) through its US based controlled entity Eni New Energy US Inc will acquire a portfolio of two assets in Texas for additional 466 MW (266 MW operating solar plant and an around 200 MW/400 MWh storage project) developed by BayWa r.e., a global renewable energy developer. The acquisition will expand Plenitude’s portfolio of renewable capacity in the United States.   

Novis Renewables LLC, the exclusive US-based partnership between Eni New Energy US Inc and Falck Renewables for the developments of solar, wind and storage projects, led the two transactions for Eni New Energy US, Inc.

Eni New Energy US Inc. acquired around 266 MW Corazon I Solar plant, located in Webb County, Texas (US), which is equipped with bifacial PV modules and one axis tracker, and began operations in August 2021. It will produce more than 500 GWh each year, equivalent to eliminating over 250kt of CO2 emissions annually into the atmosphere.

In the same location, Eni New Energy US Inc also acquired around 200 MW/400 MWh Guajillo storage project, which is in its advanced stage of development and is expected to reach an operational stage before the end of 2023. The Guajillo storage project will use the same interconnection facilities as Corazon I and will support the local network by storing energy when renewable generation is high and delivering it during periods of peak consumption.

Stefano Goberti, CEO of Eni gas e luce – Plenitude, commented: “These transactions mark a huge step forward in the growth of our renewable capacity in the US market, adding two high value assets to our portfolio. The combination of solar plants and utility-scale battery storage is an accelerating new trend that will generate value and support the further penetration of renewable energy into the market. In the US, our capacity installed and under construction has already reached 0.8 GW, meaning that we are well on track to surpass the original goal of 1GW (0.8 GW Eni gas e luce -Plenitude share) in 2023, set only two years ago when we entered this market together with Falck Renewables. This further brings Plenitude closer to its targets of reaching over 6 GW of installed renewable capacity by 2025 and over 15 GW by 2030 globally”.

Jonathan Koch, President of Novis Renewables, said: “We are delighted to have brought our expertise in renewables to delivering this deal which will provide clean solar energy to the residents and businesses of Texas.”

Eni gas e luce – Plenitude is a Benefit Company and the outpost of Eni’s decarbonisation strategy. With a solid base of 10 million customers, the company integrates the retail of power and gas with renewables production, energy efficiency services and electric mobility. It currently operates in Italy, France, Greece, Slovenia, Spain, Portugal, UK, Norway, Usa, Kazakhstan and Australia. The company aims reaching carbon neutrality by 2040 and supplying 100% decarbonized energy to all its customers. In particular, its strategy includes to fully decarbonize B2C sales by this year, all the power sales by 2030 and to provide 100% of decarbonized gas by 2040.

Novis Renewables, LLC (“Novis”) is a 50% / 50% partnership between Falck Renewables North America Inc. and Eni New Energy US, LLC. Novis conducts greenfield project development in the US and manages the entire development process including land control, permitting, interconnection, and construction management. Novis is also responsible for business development and acquisitions on behalf of its parent Companies in the US. Novis has enabled the acquisition and development of over 1GW of solar, wind and storage in the US since its inception in 2020. 

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