MILAN, Dec 2 (Reuters) - Plenitude, the renewable energy unit of Italy's Eni, has agreed to buy 100% of wind and solar developer PLT, it said on Friday, strengthening its presence in Italy and Spain.
PLT has a 1.6 gigawatt (GW) renewable capacity portfolio in Italy and Spain and 90,000 retail customers, Plenitude said in a statement, without providing financial details of the deal.
Italian media reported earlier this year that PLT's renewable portfolio could have a value of over 1 billion euros ($1.05 billion).
PLT has 400 megawatt (MW) of assets in Italy and 1.2 GW of projects under development in its home country and Spain, 60% of which are at advanced maturity stage.
"This acquisition will allow us to exceed 2 GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6 GW in 2025," Plenitude CEO Stefano Goberti said in a statement.
Citi acted as financial adviser for Eni's subsidiary, Rothschild & Co advised PLT on the transaction.
Plenitude integrates the production of energy from 100% renewable sources, the sale of energy services and a network of charging points for electric vehicles.
Earlier this year Plenitude postponed plans to list on the Milan stock exchange due to heightened volatility in financial markets.
($1 = 0.9490 euros)
Reporting by Gianluca Semeraro; editing by Francesca Landini and Susan Fenton
Source: Reuters