Spanish solar park attracts foreign investors. ENI has just acquired three photovoltaic projects from X-Elio. They should have a cumulative power of 140 MW and allow the Italian energy company to reach 1 GW over the next 5 years.
ENI is pursuing the goal of acquiring 5 GW of electrical power from renewable sources worldwide by 2025.
The Spanish solar park: development ground for X-Elio
The solar park in Spain is partly the result of X-Elio’s development. The Spanish company specializing in photovoltaics has already developed and built more than 1GW on Spanish soil. An additional 250 MW are under construction as well as 1.5 GW under development and 650 MW through PPAs (Power Purchase Agreements).
This new agreement between the Italian and French companies complements other agreements signed earlier by Eni gas e luce, a subsidiary of ENI, and Grupo Pitma.
ENI also tackles the European natural gas market
In addition to investing in renewable energies, ENI also wants to establish itself in the natural gas market. To do so, it must first finalize the out-of-court settlement of disputes relating to Union Fenosa Gas. It will then be able to market natural gas to the industrial and thermoelectric sectors as well as to wholesalers. In the long term, it will therefore be able to strengthen its presence on the European gas market.
The agreement signed by ENI with X-Elio allows it to develop a new renewable energy project contributing to the energy transition. In this sense, the European Union seems determined to achieve ambitious targets for the conversion of its energy sources. It would seem that it can count on the commitment of European companies, especially those based in Spain.