Italy's Plenitude is joining forces with Spanish renewables contractor and power producer Avintia Energia to develop seven solar photovoltaic projects in central and southern Spain, totaling 850 MW, as reported by multiple media outlets in Spain.
According to information from Avintia Energia's press release, cited by the media, there is a possibility for the portfolio to expand to 1 GW.
The companies have conducted thorough site studies and environmental impact assessments, with plans to develop the projects from inception to the ready-to-build stage. Some projects will be complemented by battery energy storage systems (BESS) depending on the site's requirements.
Reports indicate that the new partners intend to submit the projects into Spain's capacity tenders.
Avintia Energia currently holds three portfolios, including one with 337 MWp of wind and solar nearing the ready-to-build stage, another with 202 MWp of solar with BESS potential, and a third with 2.7 GW for which land agreements are in place.
Projects involved in the Plenitude deal are reportedly sourced from this third portfolio, as mentioned in a report by Spanish daily newspaper El Economista. Avintia Energia's CEO, Jose Castelo, previously discussed plans to establish a joint venture for the third portfolio due to its substantial size exceeding the firm's financial capacity, as noted in an interview with El Economista over a year ago.
The latest announcement does not provide clarity on how the partnership was ultimately structured.
Plenitude, Eni SpA's renewables arm, currently manages approximately 2.5 GW of operational renewables and aims to expand this segment to over 7 GW by 2026 and surpass 15 GW by 2030.
Additionally, Plenitude functions as a power and gas retailer in Spain, alongside its role as a renewable energy producer with around 400 MW of wind and solar farms in operation in the country.
