Cubico Sustainable Investments Acquires 1 GW Solar Project in Brazil

Plenitude, through its U.S. subsidiary Eni New Energy US, acquired 81 MW of Kellam photovoltaic solar project in Texas from Hanwha Qcells USA, the U.S. subsidiary of the Korean Hanwha Group.

With this acquisition, the company reached an installed capacity of 878 MW in the U.S. market.

The solar project is located on 150 hectares of land in North Texas, 80 km from the Dallas-Fort Worth metroplex, and will sell the generated energy to a local power company.

The operation was carried out with the support of Novis Renewables, a partnership between Eni New Energy US and Renantis North America, which is exclusive to the US and is dedicated to the development of solar, wind, and storage projects.

Stefano Goberti, CEO of Plenitude, said, “This operation represents an important step forward for the consolidation of our Company’s position in the Texas and US energy market, and it will contribute to the energy transition process undertaken by Eni and to Plenitude’s ambitious goals of achieving carbon neutrality by 2040 and supplying 100% decarbonized energy to all its customers.”

Plenitude is Eni’s Benefit Corporation (Società Benefit), integrating the production of energy from 100% renewable sources, the sale of energy services, and an extensive network of charging points for electric vehicles.

The company currently supplies energy to about 10 million European customers in the retail market. It aims to reach more than 11 million customers by 2025 and install more than 30,000 charging points for electric mobility.

The company also has plans to exceed 15 GW of installed capacity by 2030 and achieve carbon neutrality by 2040.

In September this year, Plenitude entered a new partnership with Infrastrutture to develop solar and wind power projects in Italy and Spain by acquiring a 65% stake in Hergo Renewables, a renewable company that owns a 1.5 GW solar and wind projects portfolio in Spain and Italy.

According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.