Italian multinational oil and gas company Eni signed an agreement with Spanish renewable energy firm X–Elio for the acquisition of three photovoltaic projects in southern Spain, according to Eni's statement on Thursday.

Eni will be responsible for the construction of the plants totaling 140 megawatts and electricity commercialization.

Under the agreement, the transfer of the projects will be subject to customary authorization starting from the second semester of 2021.

Commenting on the recent development, Claudio Descalzi, the chief executive officer of Eni, stated that "the initiative will greatly reinforce Eni's presence in the Spanish market with a remarkable investment in the renewable energy sector, and it complements the existing businesses already established in the region."

"The development of photovoltaic projects is consistent with our strategy in support of the energy transition and is a key element of Eni's commitment to reducing CO2 emissions," he added.

By Gulsen Cagatay

Anadolu Agency

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