Madrid, July 26, 2021.- Dhamma Energy (“Dhamma”), a leading solar IPP having developed over 650 MW of solar PV projects to date, has signed an agreement with Eni gas e luce, a fully-owned subsidiary of the Milan-listed Eni S.p.A., for the sale of its Spanish and French business.

Founded in 2008 by Mr. Olivier Crambade and Mr. Philippe Esposito, Dhamma owns a portfolio composed of over 120 MW of operational or under construction solar projects in France, and a pipeline of over 2.8 GW across Spain and France, of which approximately 400 MW at an advanced stage of development. Dhamma’s highly skilled team will be integrated into Eni gas e luce, to serve as a platform for further development of Eni gas e luce’s renewable portfolio.

Dhamma’s Founders will pursue their activities in other markets such as Mexico and the green hydrogen business which had already been initiated in the past years.

Eni gas e luce has been present in the retail electricity market since 2003 through Eni Gas & Power France with 1.3 million customers, while in Spain it operates through Aldro Energía y Soluciones S.L., a wholly-owned subsidiary that operates in the energy and gas sales market for household customers as well as small, medium-sized and large enterprises.

Olivier Crambade and Philippe Esposito, Dhamma’s Co-Founders, commented: “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”.

Claudio Descalzi, CEO of Eni, commented: “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”.

The transaction is subject to customary approvals.

For this transaction, Dhamma was supported by Nomura Greentech as exclusive financial advisor, and by Fieldfisher and Gómez-Acebo & Pombo Abogados as legal advisors.

Credit of the picture: Dhamma Energy/ Sylvain Prémont

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