Italian energy company Eni, through its Eni Gas e Luce (‘Gas and Light’) subsidiary, has signed an agreement with Azora Capital to acquire a renewable portfolio in Spain with more than 1.2GW of capacity.

Under the terms of the deal, the company will acquire nine wind and solar power projects in the country’s central and northern regions.

The portfolio includes three operational wind farms and one wind farm in development. The projects’ collective capacity comes to 230MW.

The five solar projects included in the deal are in the advanced development phase and will have almost 1GW of capacity once completed.

Under the agreement, the two companies will work together to ensure that all the projects that are either under construction or in development enter production by 2024.

The financial details of the deal have not been disclosed by either of the companies.

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By GlobalData

Eni CEO Claudio Descalzi said: “This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets.

“At the same time, [it lets us] reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one, where Eni Gas e Luce is now working on this project with [such] a strong Spanish partner as Azora.

“[Eni Gas e Luce is] boosting its renewables supply, with the aim of providing even more decarbonised energy to its customer base.”

Azora Capital senior partner and infrastructure team head Santiago Olivares said: “We are proud to support Eni with its continued expansion in the renewable energy space.

“We look forward to using our 20-plus year track record in the renewables sector to support such a leading global energy firm on this important growth journey.”

Earlier this month, Eni formed a 50:50 partnership with Scotland-based offshore wind developer Red Rock Power to enter a joint bid in the ScotWind offshore leasing round.