MOSCOW (MRC) -- Italian energy company Eni is expanding its renewable energy presence in Spain with the acquisition of wind and solar power projects amounting to 1.2 GW, reported S&P Global with reference to the company's statement on July 26.
Eni's retail division, gas e luce, which it has integrated with its renewable power operations, signed an agreement with Azora Capital to buy the portfolio of nine renewable energy projects in Spain, it said in a statement.
Eni will acquire three wind farms in service and one under construction in central-northern Spain, totaling 230 MW, in addition to five solar projects totaling around 1 GW, in advanced development.
"This operation allows us to increase our renewable power generation capacity with immediate effect, in compliance with our plan targets and at the same time reinforce our growth prospects through a pipeline of solar projects in a strategic market like the Spanish one," Eni CEO Claudio Descalzi said in the statement.
The two companies will work together to target first production from the projects under construction or in development by 2024.
Eni aims to have 4 GW of installed renewable capacity globally by 2024, with a customer base of over 11 million, expanding to 15 GW of renewables and 15 million customers by 2030.
As MRC wrote previously, Italian energy group Eni is evaluating conversion of its Livorno refinery in northwest Italy into a biorefinery, as part of the Italian company's wider strategy to make its activities more environmentally sustainable. Eni has already converted two of its Italian refineries and is looking to almost double its biorefining capacity to around 2 million mt/year by 2024, and expand this to at least five times by 2050, as part of its pledge to achieve complete carbon neutrality by 2050.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
Eni, abbreviation of Ente Nazionale Idrocarburi, in full Eni SpA, Italian energy company operating primarily in petroleum, natural gas, and petrochemicals. Established in 1953, it is one of Europe's largest oil companies in terms of sales.
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