Eni (E) Plenitude Starts Building Renopool Solar Park in Spain

Zacks Equity Research

11 April 2024 at 10:21 am·3-min read

Eni SpA’s E low-carbon and retail unit, Plenitude, has embarked on a groundbreaking project by initiating the construction of the Renopool solar park in Badajoz, Spain.

This ambitious venture marks the company’s largest solar project globally, boasting an impressive capacity of 330 megawatts peak.

The Renopool project, comprising seven solar farms, is set to generate 660 gigawatt-hours of electricity annually. This will meet the energy needs of 200,000 households, showcasing the project’s significant scale and impact. The solar park will leverage advanced technology, including bifacial modules, solar tracking structures and central inverters, to optimize energy production.

The construction of the Renopool solar park is being undertaken in collaboration with notable construction firms OHLA, Sacyr and Sarpel under a turnkey contract. The project is anticipated to be completed in 2025, promising to create numerous local employment opportunities throughout its development phase.

The initiative not only underscores Plenitude’s expansion in the renewable energy sector but also highlights its strong presence in Spain, where the company already operates 400 MW of wind and photovoltaic installations. With more than 1,000 MW under construction and above 2,000MW in the development stage, Plenitude is significantly contributing to renewable energy growth in the region.

Furthermore, Plenitude is making strides in the retail energy market, serving more than 300,000 customers in Spain and expanding its network of electric vehicle (EV) charging stations across the Iberian Peninsula. The construction of the Renopool solar park is a milestone in the company’s commitment to renewable energy and its integrated business model, which includes generating electricity from renewable sources, selling energy and energy solutions to 10 million European clients, and operating an extensive network of EV charging points.

With an existing capacity of above 3 GW from renewable sources, Plenitude aims to increase its clientele to 11.5 million, achieve more than 8 GW of installed renewable capacity and expand its network to 40,000 charging points by 2027. The Renopool solar park, with its significant capacity and innovative technology, will play a crucial role in achieving these ambitious goals, demonstrating Plenitude’s commitment to enhancing sustainable energy solutions on a global scale.

The United States is undergoing a significant energy transition, shifting from reliance on fossil fuels to increased adoption of renewable energy sources like solar, wind and hydroelectric power. Energy companies like Exxon Mobil Corporation XOM and Chevron Corporation CVX are integrating solar projects into their operations to support their renewable energy goals and reduce greenhouse gas emissions.

ExxonMobil has been investing in solar energy as part of its broader strategy to diversify its energy portfolio and reduce carbon emissions. A recent example of ExxonMobil’s involvement in solar projects is its partnership with Global Clean Energy to produce renewable diesel fuel using solar power. ExxonMobil plans to purchase 2.5 billion gallons of renewable diesel over five years from Global Clean Energy’s Bakersfield, California facility, which is powered in part by solar energy.

Chevron has also been engaging in solar energy projects. Its solar initiatives include investments in solar power plants to supply renewable energy to its operations. For instance, CVX, together with SunPower, completed a solar power project at its Lost Hills production facilities in California in 2020, which is expected to provide more than 1.4 billion kilowatt-hours of solar energy for more than 20 years.

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Eni (E) Plenitude Starts Building Renopool Solar Park in Spain

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