Eni Buys Controlling Stake in Italian Energy Company
November 18 2019 - 11:06AM
Dow Jones News
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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