By Olivia Bugault

 

Italy's ENI SpA (ENI.MI) has agreed to set up a renewable energy initiative with Angola's state-run oil-and-gas company Sonangol, the Italian oil major said Wednesday.

Eni said the jointly controlled entity's strategy will be in line with Angola's own aim of delivering 800 megawatts of installed renewable energy capacity by 2025. The new company will be called Solenova Ltd.

"The first business opportunity jointly identified in the renewable energy sector consists in the phased development of a 50 MWp photovoltaic plant in the southern part of the country," Eni said.

The company didn't disclose the financial details of the deal.

 

Write to Olivia Bugault at olivia.bugault@dowjones.com

 

(END) Dow Jones Newswires

June 05, 2019 07:09 ET (11:09 GMT)

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