July 10, 2018 / 3:04 PM / 2 months ago

Oil major Eni pulls out of race for RTR solar assets in Italy

MILAN, July 10 (Reuters) - Italian oil major Eni has pulled out of a race to buy Terra Firma’s solar power assets in Italy, a company spokesman told Reuters on Tuesday.

The British private equity firm is looking to sell its Rete Rinnovabile, known as RTR, solar portfolio in Italy in a deal that is expected to fetch more than 1 billion euros ($1.17 billion).

“We have decided not to pursue this option,” a spokesman told Reuters in an emailed statement.

Eni was working on a joint bid with Qatar Petroleum for 130 plants for a total of 330 MW of solar energy put up for sale by Terra Firma.

$1 = 0.8541 euros Reporting by Giancarlo Navach, writing by Giulia Segreti; editing by Agnieszka Flak

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