On 5 June 2019, Eni and Sonangol signed a Heads of Agreement for the incorporation of Solenova Ltd, a joint controlled company set up to assess and develop renewable energy opportunities in Angola. The creation of this new company is consistent with the countryâs energy strategy that establishes a target of 800 MW of installed renewable capacity by 2025, with a specific focus on utility scale solar projects.  The first business opportunity jointly identified in the renewable energy sector is the phased development of a 50 MW photovoltaic plant in the Southern part of the country, which currently relies on diesel thermal plants for electricity production.  This initiative, and the others under evaluation, are in line with the Angolan global strategy for the electricity sector of promoting renewable energy with the aim to reduce the diesel consumption, lowering operating costs and CO2 emissions.  Background information  Eniâs strategy in its renewables business foresees the realization of more than 60 worldwide brownfield and greenfield projects, these projects will deliver a combined total of over 1.6 GW of wind and solar capacity by 2022 and up to 5 GW by 2025. Eni expects to invest Euro 1.4 billion (USD 1.58 billion) in the 2019-2022 period.
On 5 June 2019, Eni and Sonangol signed a Heads of Agreement for the incorporation of Solenova Ltd, a joint controlled company set up to assess and develop renewable energy opportunities in Angola.