ENI Eni Spa

By Pierre Bertrand

Eni's Plenitude has signed an agreement with EDP Renovaveis to purchase an 80% equity stake in a portfolio of three photovoltaic plants located in the U.S.

The agreement, made through Plenitude's U.S. subsidiary, relates to the operational Cattlemen solar park in the state of Texas and the Timber Road and Blue Harvest solar parks in Ohio, Plenitude said.

The company added that Plenitude's share comes to 272 megawatt alternating current of the plants' 340 MWac installed capacity.

Plenitude didn't disclose financial details relating to the acquisition, but EDP Renovaveis last week said that the total consideration of the transaction for the 80% stake corresponds to an enterprise value of $400 million.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

January 10, 2024 04:47 ET (09:47 GMT)

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