Spanish developer Matrix Renewables has signed a strategic partnership agreement with Spanish renewable energy company Energía Aljaval to co-develop at least 300MW of solar projects in Italy.
Backed by investor TPG-Rise, Madrid-headquartered Matrix Renewables has nearly 1GW of projects in different phases of development across Italy. The financial terms of the partnership with Energía Aljaval were not declared.
Matrix Renewables’ head of M&A, Iñigo Asensio, said the company had plans “to become a significant solar photovoltaic and energy storage player in Italy in the near term”.
“With this new co-development agreement for the Italian Market, we continue our geographical growth and portfolio diversification,” added Asensio.
Italy’s solar sector is currently up in arms after a government decision to clawback profits from renewables plants that are currently benefiting from high electricity prices.
Companies will be required to pay back a resulting increase in profits to the government until the end of 2022, as part of the measures announced last month.
Nonetheless, Italy has been the focus of a lot of solar investment recently. Just last week, Swiss fund manager SUSI Partners, through its Energy Transition Fund (SETF), launched a solar PV development platform in Italy that aims to deploy 500MW of utility-scale solar PV after identifying Italy as a key growth market.