Reuters: Eni Is Ready To Spend Hundreds Of Millions Of Euros In Solar Projects

According to a report by Reuters, energy giant Eni SpA (ARD) (NYSE: E) is prepared to spend hundreds of millions of euros in developing solar power projects across Africa.

Reuters noted that Eni's CEO Claudio Descalzi said the company is examining 2 solar projects in mature fields in Africa.

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Eni is already the largest foreign oil and gas producer in Africa.

"We are also working on greenfield off-grid solutions in areas that are not easy to access," Reuters quoted the CEO as saying, adding that the idea was to create small hubs that could be interconnected.

Shares of Eni were trading higher by more than 1.50 percent mid-Wednesday afternoon.