Italian multinational utility Enel and investment firm Infracapital have extended their partnership on distributed generation and energy efficiency services.
A deal signed by the two has established Cogenio, an energy services joint venture which will operate in Spain.
Cogenio will offer innovative solutions in the energy storage and flexibility field, with the aim to provide network services to Spanish customers as from April 2020.
Enel through Enel X will contribute to the new company around 200 distributed photovoltaic generation, cogeneration, tri-generation and energy efficiency projects in Spain, France and Portugal.
Enel X will own 20% of the company and, through its Spanish arm Endesa X, operate assets as well as develop new projects within the Cogenio platform.
Infracapital will own 80% of the company and fund its growth.
Cogenio, through the new Spanish company, will reach an overall portfolio of over 220 projects in the four countries.
Francesco Venturini, CEO of Enel X, said: “We are continuing to grow in the distributed generation and energy efficiency segments, tapping France as well as the Iberian region and replicating the model we already launched in Italy with the same partner, around one year ago. The shift in the energy paradigm, which has given centrality to customers during the transition towards a low-carbon world, provides us with the ideal framework for growth through this innovative business model. Looking ahead, we are expecting to sign more deals of this kind, in order to maximize the innovative solutions offered to our business customers wishing to play an active role in the energy transition.”