Italy’s Plenitude is getting in business with Spanish renewables contractor and power producer Avintia Energia, partnering on the development of seven solar photovoltaic projects in central and southern Spain totalling 850 MW, according to multiple media reports in Spain.
There is a possibility for the portfolio to reach 1 GW, the media said, citing a press release from Avintia Energia.
The companies have conducted studies on the sites and assessed the environmental impact, planning to develop the projects from scratch until the ready-to-build stage. Some projects will be backed up by battery energy storage systems (BESS) depending on the site.
The new partners will submit the projects into Spain’s capacity tenders, the reports says.
According Spanish daily newspaper El Economista, Avintia Energia has three portfolios at the moment -- one with 337 MWp of wind and solar about to reach ready-to-build status, a second with 202 MWp of solar with BESS potential, and a third with 2.7 GW for which there are only land agreements in place.
Projects in the Plenitude deal were taken from this third portfolio, according to El Economista’s report. Avintia Energia was planning to establish a joint venture with a utility or an investment fund for the third portfolio as its size exceeded the firm’s financial capacity, Avintia Energia CEO Jose Castelo said in an interview with El Economista more than a year ago.
It is unclear from the latest announcement how the partnership was finally structured.
Plenitude, the renewables arm of Italian oil and gas major Eni SpA (BIT:ENI), has some 2.5 GW of operational renewables in its portfolio and aims to grow this segment to over 7 GW by 2026 and over 15 GW by 2030.
Plenitude is a power and gas retailer in Spain, in addition to being a producer of renewable energy with around 400 MW of wind and solar farms in operation in the country.
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