Energy company Eni announced today the acquisition of renewable energy developer Dhamma Energy Group through Eni gas e luce, as part of its plan to expand renewable power generation and integration in retail activities across French and Spanish Markets.

Madrid-based solar parks developer Dhamma Energy has fully developed 650 MWp of solar projects. Its portfolio includes a pipeline of projects under development in France and Spain of almost 3GW and plants in France that are already operating or under advanced development of around 120 MW.

Claudio Descalzi, CEO of Eni, said:

“This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base. For Eni gas e luce, France and Spain are pivotal markets in which the company will increasingly enhance its value through the integration between retail and renewables.”

Under the terms of the agreement, the Dhamma team will be integrated into Eni Gas e Luce, setting the ground for further development of the renewable projects’ portfolio of Eni gas e luce.

Olivier Crambade and Philippe Esposito, Dhamma’s Co-Founders, said:

“The sale to Eni gas e luce is a perfect and natural evolution to support Dhamma’s ambition for the future. In the current environmental, social and political context with a greater than ever focus on decarbonization and sustainability, it is reassuring to see industry leading companies like Eni fully embracing the energy transition. With this transaction, we are proud to contribute to Eni gas e luce’s renewable energy ambitions. Eni gas e luce’s support, together with Dhamma’s strong track record and significant experience in developing utility-scale solar PV projects, will undoubtedly enable to further accelerate growth in Spain and France”.