GreenIT, an Italian joint venture by oil group Eni and state lender Cassa Depositi e Prestiti (CDP) Equity, has signed an agreement with renewables developer Galileo to build 140MW of solar PV in Italy.
Comprised of eight PV projects, the capacity will be built across three regions in Southern, Central and Northern Italy.
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The operational phase of the projects is targeted to be within the timeframe of the joint venture’s latest industrial plan from 2023 to 2027, for which it forecasts to invest €1.7 billion (US$1.86 billion) in renewables.
GreenIT was founded in 2021 by ENI and CDP Equity with the goal to deploy 1GW of renewables in the country by 2025, and with an initial investment of more than €800 million.
The projects will be developed by Galileo which has a pipeline of more than 2GW of renewables in Italy, said Ingmar Wilhelm, CEO of Galileo. Last month, the joint venture Galileo Empower, formed with Irish renewables developer Empower Renewables, increased its partnership with a target to develop 10GW of renewables across six markets in Northern Europe.
After nearly a decade of rather low deployment of solar PV in Italy, the country is slowly going back to the numbers at the beginning of the 2010s with almost 2.5GW installed in 2022, and 4GW expected to be added in 2023.