By Carlo Martuscelli

 

ENI SpA (ENI.MI) said Monday that it acquired a 70% stake in Evolvere SpA, an Italian distributed renewable-energy business, for an undisclosed amount.

The Milan-listed company said the deal with L&B Capital--Evolvere's biggest shareholder--includes a provision giving it the option to buy the remaining 30% at already agreed-on terms. The acquired company owns 11,000 solar installations, Eni said, with about 8,000 of these on the rooftops of domestic customers and businesses, accounting for about 58 megawatts of installed power.

The Italian energy major said that the market for these small solar installations is forecast to quickly expand over the course of the next four years, with an average addition of 290 megawatts a year.

 

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

 

(END) Dow Jones Newswires

November 18, 2019 10:51 ET (15:51 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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