Eni S.p.A’s E energy transition-focused subsidiary, Plenitude, has initiated operations at the northern block of its Renopool photovoltaic complex in Solana de los Barros, Badajoz (Extremadura), Spain. The operational block has an installed capacity of approximately 130 megawatts (MW) and consists of three solar plants, which are expected to generate more than 265 gigawatt-hours (GWh) of electricity annually.
This marks a milestone for Plenitude as Renopool becomes the company’s largest solar project globally. Once the full project, comprising seven photovoltaic plants across two blocks, reaches completion by the end of 2025, it will have a total installed capacity of 330 MW.
Renopool to Anchor Plenitude’s Solar Expansion
The Renopool development is a key component of Plenitude’s growth strategy in Spain. Mariangiola Mollicone, head of Renewables in Western Europe of Plenitude and managing director of Eni Plenitude Renewables Spain, considers the connection of the first block to the grid to be a milestone in advancing the company’s renewable energy objectives in the country.
With continued progress on the Villarino solar park in Castilla y León and the Guillena park in Andalusia, Plenitude has now achieved a total installed capacity of approximately 1,300 MW in Spain.
Local Partnerships and Biodiversity Commitments
Plenitude attributes the successful commissioning of Renopool’s first block to effective collaboration with its main contractor, OHLA, and regional and municipal authorities, including the City Council of Badajoz and various departments of the Extremadura Regional Government.
Alongside the energy development, Plenitude has undertaken multiple initiatives to promote biodiversity and protect native fauna. It has signed a five-year research agreement with the University of Extremadura to monitor soil quality and wildlife. The company is also managing over 100 hectares of land to support conservation efforts for local steppe bird species.
Future Targets and Global Strategy
Backed by Eni, Plenitude currently operates in more than 15 countries with a business model that integrates renewable energy production, energy retailing to over 10 million customers in Europe, and a growing electric vehicle charging network comprising 21,500 points.
With more than 4 GW of installed renewable capacity globally, Plenitude aims to reach 10 GW by 2028 and expand its customer base to over 11 million. In Spain, the company is targeting over 2 GW of future installed renewable capacity across various technologies.
The Renopool launch underscores Plenitude’s commitment to driving the energy transition across Europe, while contributing to Spain’s decarbonization goals and regional economic development.
E’s Zacks Rank & Key Picks
E currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at a few better-ranked stocks like Subsea 7 S.A. SUBCY, W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while W&T Offshore and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.
The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B.
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Eni SpA (E): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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