Plenitude (ENI) buys 65% of Hergo Renewables to Develop 1.5 GW Photovoltaic Projects

Infrastrutture spa, a company led by ceo Pier Francesco Rimbotti and active in power generation for more than 60 years as a sponsor, investor and owner, has signed a partnership with Plenitude, a wholly owned subsidiary of ENI, to develop 1.5 GW of wind and photovoltaic projects in Italy and Spain.

In detail, ENI will acquire 65 percent of Hergo Renewables spa, a company with a portfolio of projects in the two countries with a total capacity of precisely 1.5 GW, while Infrastrutture will retain the remaining 35 percent.

Work on the first project, the photovoltaic plant in Montalto di Castro (Viterbo, Italy) with a capacity of 37 MW, will already begin in the coming weeks and is scheduled to come on line in the second half of 2023.
Stefano Goberti, managing director of Plenitude, said, “With this partnership we add an important development platform to our portfolio, with the aim of accelerating the implementation of new renewable energy generation capacity for our customers in Italy and Spain. The development of the wind and photovoltaic sectors is an essential component of our growth strategy, which aims to reach over 2 GW of installed capacity from renewable sources by the end of 2022, over 6 GW by 2025 and over 15 GW by 2030.”

Pier Francesco Rimbotti, managing director of Infrastrutture spa, who will assume the same position at Hergo Renewables, added, “The synergies with Plenitude will enhance the know-how, which we have built in our 30 years of experience in the sector, and the portfolio of projects in Italy and Spain, which we expect to expand further. We are happy to consolidate our contribution to the deployment of quality renewable projects, an effective measure in the fight against climate change and sustainable supply diversification.”

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Last February Infrastrutture spa obtained a non-recourse loan of more than €8 million from Japanese lender Sumitomo Mitsui Trust Bank

The 17-year loan was granted against the long-term sale of power to Tohoku Electric Networks, which has signed a PPA (Power Purchase Agreement) with Infrastrutture that benefits from a feed-in-tariff (FIT) scheme. The loan will be used to build a 4.4 MW photovoltaic plant in litate, Fukushima Prefecture.

In May 2021, the Italian group had refinanced for €32 million with Intesa Sanpaolo a portfolio consisting of more than 450 small- and medium-sized photovoltaic plants owned by Enersol srl, a sub-holding of the Infrastrutture group, and its subsidiary Enersol Energy srl, located in Abruzzo, Puglia, and Lombardy. By contrast, in February 2021 Infrastrutture spa had announced that together with Swiss Evergreen Investment Partners & Advisers (Evinpa) it was building 21 solar plants in Chile, with an investment of about €60 million.

Infrastrutture spa was founded under the name Sepro in 1963 by Vittorio Emanuele Rimbotti, father of Pier Francesco. The rebranding took place in the 1990s, at the same time as the focus of the business shifted from oil, gas, and coal to renewable sources. The group today has a significant track record with participation in the construction of more than 15,000 MW, including 400 as a principal in the renewable energy sector, with a focus on wind and solar sources. The company is a leader in power generation (IPP) and different stages of the value chain, such as technical, commercial, and financial asset management, m&a advisory, and services to leading partner companies. The group currently owns a photovoltaic portfolio in Italy and Japan and has been active in biomethane production since 2017.

Internationally, Infrastrutture has contributed to the development of more than 5,000 MW, through a network of partners in the energy and financial sector consolidated by years of established market presence. Infrastrutture spa’s offices are located in Milan, Rovereto, Florence, London, Bogota, Santiago de Chile, Buenos Aires and Tokyo. Since 2012 it has been present in Japan in the development of photovoltaic and wind power plants. In the country, the group has already developed about 90 MW of solar projects, some of which are in operation and others under construction, and is developing an additional pipeline of a few hundred MW of wind projects. Since 2017 Infrastrutture spa has been active in Latin America, where in joint ventures with local players it is developing a pipeline of photovoltaic projects of more than 1.5 GW.

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(Featured image by 12019 via Pixabay)

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