Plenitude Expands Its Renewable Portfolio with Acquisition of Three U.S. Solar Parks from EDPR

Plenitude Expands Its Renewable Portfolio with Acquisition of Three U.S. Solar Parks from EDPR

(IN BRIEF) Plenitude, a renewable energy company and subsidiary of Eni New Energy US Inc., has signed an agreement with EDP Renováveis (EDPR) to acquire an 80% equity stake in three operational photovoltaic plants in the United States. The Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar parks have a total installed capacity of 340 MWac, with 272 MWac corresponding to Plenitude’s share. This acquisition allows Plenitude to enter the PJM energy market in Ohio and increase its presence in Texas, contributing to its goal of achieving 7 GW of installed capacity worldwide by 2026.

(PRESS RELEASE) MILAN, 11-Jan-2024 — /EuropaWire/ — Plenitude, through its US subsidiary Eni New Energy US Inc., has signed an agreement with global energy leader EDP Renováveis, S.A. (“EDPR”), to purchase an 80% equity stake in a portfolio of operational photovoltaic plants located in the United States.

The Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar parks have a total installed capacity of 340 MWac (478 MWdc), of which 272 MWac (382 MWdc) corresponding to Plenitude share, cover an area of more than 1,500 hectares of land, and will generate more than 800 GWh of renewable energy annually.

Stefano Goberti, CEO of Plenitude, said, “This transaction represents Plenitude’s entry into the PJM[1] energy market in Ohio with already operational, medium to large size projects and consolidates the company’s presence in Texas. The agreement allows Plenitude to reach over 1,2 GW of installed capacity in the U.S. contributing to the goal of reaching 7 GW worldwide by 2026.”

“We are pleased to reach this agreement which is a clear sign of the quality of our assets and the added value that EDP’s expertise brings,” stated Miguel Stilwell d’Andrade, CEO of EDP Renewables. “With this transaction, we have executed more than 25% of the target announced for our asset rotation program for 2023-26. We remain committed to delivering our business plan with a solid investment in renewables and focus on sustainable growth”.

Plenitude is a Benefit Corp (Società Benefit) controlled by Eni that integrates 100% renewable energy production, energy sales and services, and an extensive network of electric vehicle charging points. The company currently supplies energy to about 10 million European customers in the retail market with the goal of reaching more than 11 million customers by 2026 and installing more than 30,000 electric mobility charging points. The company currently has an installed capacity from renewable sources of about 3 GW, plans to exceed 15 GW by 2030 and to reach zero net Scope1, 2 and 3 CO2 emissions by 2040.

EDP Renewables (Euronext: EDPR) is a global leader in renewable energy development with a presence in 28 regions in Europe, North America, South America and Asia-Pacific. With headquarters in Madrid and leading regional offices in Houston, São Paulo and Singapore, EDPR has a sound development portfolio of top-level assets and market-leading operating capacity in renewable energies. Particularly worthy of note are onshore wind, distributed and large-scale solar, offshore wind (OW – through a 50/50 joint venture), and technologies to complement renewables such as storage and green hydrogen.

EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain and Brazil including electricity networks, client solutions and energy management.

[1] PJM Interconnection LLC is a regional organization that operates the eastern electric grid in the United States and serves the states of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia. The network connects more than 183GW of installed capacity and serves more than 65 million consumers.

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SOURCE: Eni S.p.A