Enel X and Infracapital, an investment fund specializing in infrastructure, have signed an agreement which the expansion in Spain of Cogenio, a joint venture operating in distributed generation and energy efficiency, through a new company active in Madrid.
The Cogenio platform, 80% controlled by Infracapital and 20% by Enel X, was launched in Italy in December 2018. Within it, the Italian company deals in particular with the management of existing assets and the development of new projects .
Based on the agreement, by April 2020 Enel X will contribute to the new company with around 200 distributed photovoltaic generation projects, cogeneration, tri-generation and energy efficiency for commercial and industrial clients in Spain, with some projects also in France and Portugal. Furthermore, through the subsidiary Endesa X, the company led by Francesco Venturini will operate the assets and manage the new projects within the Cogenio platform.
“The main feature of Cogenio's portfolio is the well-balanced presence of distributed generation (photovoltaic, cogeneration and tri-generation) and gas distribution and supply plants, all with cash flows secured by contracts with business customers. The joint venture can also count on Enel X's solid project development pipeline in the region.
“We continue our growth in the segments of distributed generation and energy efficiency by tapping into the French and Spanish markets and replicating the model already launched in Italy with the same partner about a year ago. The change in the energy paradigm, which has placed the customer at center stage during the transition to a low-carbon world, provides us with the ideal framework for growth through this innovative business model. Looking to the future, we expect to sign more agreements of this type, in order to maximize the innovative solutions proposed to our business customers who wish to play an active role in the energy transition,” he commented. Francesco Venturini, CEO of Enel X.
