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.
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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.