Eni will expand its renewable energy in Europe, the U.S. and the Pacific by developing its own projects and making small acquisitions, the group’s clean energy. ENI has a renewable energy capacity of only 350 megawatts, has pledged to reach 15 gigawatts by 2030 and 55 GW by 2050 – mainly by building its own capacity. Eni took a first step into offshore wind spending 405 million pounds ($548 million) to buy 20% of the 2.4 GW Dogger Bank project off the British coast, which is set to be the largest in the world. Eni did not plan to splash out on acquisitions but would do small deals to enter new markets and technologies, adding it could also buy small retail portfolios to boost returns and create platforms to offer new services.
The company will hold on to its solar power business in Australia, where it is currently selling gas assets, as a platform for growth. Eni, one of the biggest foreign oil and gas producers in Africa with operations also in Latin America, has pledged to slash its greenhouse gas emissions by 80% in one of the industry’s most ambitious clean-up drives. It will allocate 25% of its capex to clean energy in 2023 with oil and gas making up the lion’s share. But that will change. After 2025 oil production will decrease and gas will plateau. It’s likely that by 2030, 50% of spending will be on our energy transition lines. Eni’s existing oil and gas reserves, in the portfolio at around $50/barrel, are expected to generate 94% of their overall value by 2035.