Plenitude Buys 760 MW Neoen Portfolio in Major French Renewables Deal

Plenitude, the renewables and retail energy subsidiary of Eni (ENI), has moved to significantly strengthen its position in France by signing a deal to acquire a 760-MW portfolio of operating renewable assets from Neoen. The package includes 37 solar plants, 14 wind farms, and one battery storage facility spread across the country, collectively producing around 1.1 TWh of electricity per year.

The acquisition—still subject to regulatory approval—ranks among the largest renewable M&A transactions in the French market in recent years. It marks a major milestone in Plenitude’s 2025–2028 Strategic Plan, which targets 10 GW of installed renewable capacity by 2028. The added capacity will integrate with the company’s existing French portfolio, enabling operational synergies and further consolidating its presence in one of Europe’s most competitive power markets.

The deal also reinforces Plenitude’s broader integrated model, which spans renewables, energy solutions, retail supply, and EV charging. The company already serves about 1 million retail customers in France and aims to exceed 11 million across Europe by 2028 and 15 million by 2030.

CEO Stefano Goberti said the acquisition strengthens the company’s strategic trajectory, accelerating its expansion in a market where it is scaling both its energy solutions and e-mobility offerings.

For Neoen, one of France’s most prominent renewable developers, the sale showcases continued investor appetite for mature, subsidy-backed French assets at scale—a trend that has intensified as utilities and integrated energy players boost their European clean-energy portfolios.

Completion of the transaction will mark a notable step in Plenitude’s ongoing efforts to expand its renewable generation base while supporting Eni’s broader decarbonization objectives.

By Charles Kennedy for Oilprice.com

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