Investment platform Qualitas Energy has signed an agreement with French asset manager Mirova to establish a joint venture in Italy aimed at building a renewables portfolio of 250MW.
Through the joint venture, dubbed Italian Renewable Platform, the partnership aims to own, develop, build and operate up to 250MW of renewable energy projects in Italy, including a portfolio of solar PV projects.
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The solar PV portfolio comprises 33 projects located across eight regions in Italy, including Piemonte, Friuli, Marche, Lazio, Campania, Basilicata, Sardegna, and Sicilia. These projects are in different stages of development, with 53MW of PV capacity operational, 41MW of ready-to-build projects and 54MW in the late development phase. The ready-to-build projects are expected to be completed by December 2025.
Qualitas Energy developed the solar PV portfolio through its fund Qualitas Energy IV.
The new JV will be majority-owned by Mirovia through its fund Mirova Energy Transition 6, while Qualitas Energy will provide development, construction supervision and monitoring services to the JV.
This is not the first time both companies have partnered together, as Mirova previously invested in Spanish projects with Qualitas Energy, said Raphaël Lance, Global Head of Private Assets, Head of Energy Transition funds at Mirova.
“The Italian renewable market showcases strong fundamentals, characterised by stable regulations, a robust national support mechanism, and a dynamic power purchase agreement (PPA) market,” added Lance.
Italy has been one of the leading European markets in 2024 with 6.8GW of solar PV installed last year, a 30% increase from 2023. This growth was driven by utility-scale solar which had a 163% growth in 2024, as residential solar additions decreased.
Despite this stellar growth for the country, which had its highest number in the past decade. One of the major challenges that arose in 2024 and could be carried over this year is the legislative uncertainty for solar PV in Italy. Last year, the country was faced with a setback when the government implemented a ban on solar PV installations on agricultural land.
