By Reuters Staff
2 Min Read
A logo of Italian multinational energy company Enel is seen at the Milan s headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo
MILAN (Reuters) - Italy’s biggest utility Enel has signed a deal with the Qatar Investment Authority to develop renewable energy projects in Sub-Saharan Africa, the two groups said.
Under the deal, the Qatar sovereign wealth fund will, as a first step, buy half of Enel’s stake in 800 megawatts of its existing renewable capacity in South Africa and Zambia.
No financial details were disclosed.
“We will work together to accelerate the creation of an extensive green energy footprint in Sub-Saharan Africa,” Enel CEO Francesco Starace said.
By Reuters Staff
2 Min Read
A logo of Italian multinational energy company Enel is seen at the Milan s headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo
MILAN (Reuters) - Italy’s biggest utility Enel has signed a deal with the Qatar Investment Authority to develop renewable energy projects in Sub-Saharan Africa, the two groups said.
Under the deal, the Qatar sovereign wealth fund will, as a first step, buy half of Enel’s stake in 800 megawatts of its existing renewable capacity in South Africa and Zambia.
No financial details were disclosed.
“We will work together to accelerate the creation of an extensive green energy footprint in Sub-Saharan Africa,” Enel CEO Francesco Starace said.
Enel and Qatar Investment Authority Partner on Developing Renewables in Sub-Saharan Africa
Posted on 01/07/2021
Enel’s renewable arm Enel Green Power S.p.A. (EGP) and a Qatar Investment Authority (QIA) subsidiary signed a joint venture partnership to build and operate renewable plants in Sub-Saharan Africa, starting with QIA acquiring 50% of EGP’s stake in approximately 800 MW of projects in operation and under construction in South Africa and Zambia.
Commenting on the announcement in the press release, Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA said, “We are delighted to partner with Enel Green Power to invest in clean energy generation in Sub-Saharan Africa. QIA is committed to supporting the transition to a low-carbon future, and we believe this investment can make a significant environmental and social impact. We share a mutual vision with Enel in supporting decarbonization efforts and believe this investment represents an excellent opportunity to develop and grow a lead
January 7
th, 2021 – Enel Green Power S.p.A. ( EGP ), signed an agreement with a subsidiary of Qatar Investment Authority (“QIA”) for a joint venture partnership aimed at financing, building and operating renewable projects in Sub-Saharan Africa. The parties also signed an agreement whereby QIA will acquire 50% of EGP’s stake in projects in operation and under construction in South Africa and Zambia with approximately 800 MW capacity.
Francesco Starace, Enel CEO and General Manager, said: “
Through this new partnership, we will combine our Group’s sustainable strategy, enhanced by our industrial expertise in business development, engineering & construction, as well as operation & maintenance of renewable plants, with QIA’s long term investment strategy, in line with the two companies’ sustainability and decarbonization targets. We will work together to accelerate the creation of an extensive green energy footprint in Sub-Saharan Africa, contributing to the continue
Enel Green Power has signed an agreement with Qatar Investment Authority (QIA) for a joint venture partnership to finance, build and operate renewable projects in Sub-Saharan Africa.
In the first phase, the transaction involves the acquisition by QIA of 50% of Enel’s stake in four projects under construction in South Africa and two plants in operation in the same country as well as in Zambia, for a total capacity of 800MW.
The overall transaction is subject to the change of control approval and antitrust clearance from relevant institutions and regulatory authorities.
Under the transaction, Enel and QIA will form a new legal entity for future developments in Sub-Saharan Africa.