Plenitude, via its US arm Eni New Energy US Inc., secures an 80% equity stake in operational solar parks from EDP Renováveis. The Cattlemen, Timber Road, and Blue Harvest solar parks, boasting a combined capacity of 340 MWac, propel Plenitude into Ohio's PJM energy market and fortify its Texan presence. The move contributes to Plenitude's aim of achieving 1.2 GW installed capacity in the US, aligning with its global target of 7 GW by 2026.
In a strategic move, Plenitude, a Benefit Corp controlled by Eni, announces its foray into the thriving US solar market. Through its US subsidiary Eni New Energy US Inc., the company has inked a deal with global energy leader EDP Renováveis, securing an impressive 80% equity stake in a trio of operational photovoltaic plants situated in the United States.
The solar parks, namely Cattlemen in Texas, Timber Road, and Blue Harvest in Ohio, collectively boast a robust installed capacity of 340 MWac (478 MWdc). Plenitude's share, accounting for 272 MWac (382 MWdc), extends over 1,500 hectares, generating an estimated 800 GWh of renewable energy annually. This strategic move marks Plenitude's entry into the PJM energy market in Ohio, accompanied by the consolidation of its footprint in Texas.
Stefano Goberti, CEO of Plenitude, expresses the significance of this transaction, stating, "This transaction represents Plenitude's entry into the PJM energy market in Ohio with already operational, medium to large size projects and consolidates the company's presence in Texas. The agreement allows Plenitude to reach over 1.2 GW of installed capacity in the U.S. contributing to the goal of reaching 7 GW worldwide by 2026."
Miguel Stilwell d’Andrade, CEO of EDP Renewables, echoes the sentiment, highlighting the quality of assets and the value EDP's expertise adds to the collaboration. "With this transaction, we have executed more than 25% of the target announced for our asset rotation program for 2023-26. We remain committed to delivering our business plan with a solid investment in renewables and focus on sustainable growth."
Plenitude, a Benefit Corp under Eni, is not only making strides in renewable energy production but also revolutionizing the energy landscape with its integrated approach. Currently supplying energy to approximately 10 million European customers, Plenitude envisions surpassing 11 million customers by 2026. The company is on track to install over 30,000 electric mobility charging points, aligning with its broader goal of exceeding 15 GW of installed capacity from renewable sources by 2030 and achieving zero net Scope 1, 2, and 3 CO2 emissions by 2040.
EDP Renewables, a global leader in renewable energy development, has strategically positioned itself with a diversified portfolio across Europe, North America, South America, and Asia-Pacific. The Madrid-based company, a division of EDP, is actively contributing to the energy transition with a strong focus on decarbonization.
Plenitude's strategic move to acquire a significant stake in operational solar parks in the US reflects its commitment to sustainable growth. This collaboration with EDP Renewables not only propels Plenitude into key markets like Ohio but also contributes significantly to its global targets. As the world embraces renewable energy solutions, partnerships like these pave the way for a more sustainable and greener future.