Eni and Sonangol today signed the Memorandum of Understanding in Luanda for the creation of a new jointly controlled company, Solenova Ltd, which will aim to evaluate and develop projects for the production of energy from renewable sources in Angola. The creation of this new company is in line with the country's energy strategy which establishes a target of 800 MW of renewable capacity installed within the 2025, with a specific focus on industrial-scale solar projects.
The first commercial opportunity identified in the renewable energy sector consists of the construction of a 50 MWp photovoltaic plant in the southern part of the country, whose electricity production is currently largely based on diesel thermal power plants. This initiative, and further ones in the evaluation phase, are in line with Angola's global strategy for the electricity sector to promote renewable energy with the aim of reducing diesel consumption, lowering operating costs and CO2 emissions deriving from it from industrial processes.
Eni's strategy in the field of renewables involves the construction of over 60 brownfield and greenfield projects worldwide, for a total of more than 1,6 GW of wind and solar power within the 2022 and up to 5 GW within the 2025, with an investment of 1,4 billion in the 2019 -2022 period.
Angola is strategic for the organic growth of Eni which is present in the country by the 1980 and currently has a share production of approximately 150.000 barrels of oil equivalent per day.