GreenIT and Galileo Partner on 140 MW Solar PV Projects to Boost Renewable Energy in Italy
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Key Impact Points:
- GreenIT and Galileo Partnership: GreenIT, an Italian renewable energy venture, has signed an agreement with Galileo for eight solar photovoltaic projects totaling approximately 140 MW in Italy.
- Project Locations and Impact: These projects are spread across three regions in Southern, Central, and Northern Italy and are expected to cover the electricity needs of over ninety thousand households once operational.
- Contribution to Italy’s Decarbonization Goals: The initiative aligns with Italy’s 2030 National Integrated Energy and Climate Plan, aiming to facilitate the country’s energy transition.
- GreenIT’s Strategic Investment Plan: The projects are part of GreenIT’s 2023-2027 Industrial Plan, with total investments of €1.7 billion aimed at reaching an installed capacity of 1,000 MW, including the development of greenfield plants and offshore wind projects.
GreenIT, the Italian renewable energy joint venture founded in 2021 by Plenitude (Eni, 51% ownership) and CDP Equity (CDP Group, 49% ownership), has signed an agreement with Galileo, the pan-European renewable energy development and investment platform, for the realization of eight photovoltaic projects, totalling approximately 140 MW, across three regions in Southern, Central and Northern Italy.
Once in operation, it is estimated that the plants will be able to cover the electricity consumption of over ninety thousand1 households2, thus contributing to Italy’s decarbonisation targets of the 2030 National Integrated Energy and Climate Plan and its energy transition.
The beginning of the plants’ operational phase is scheduled within the timeframe of the 2023-2027 Industrial Plan approved last April by GreenIT, which forecasts total investments of EUR 1.7 billion (including capital already committed) with the goal of reaching an installed capacity of 1,000 MW. The initiative is in line with GreenIT’s strategy, which also includes the development and construction of greenfield plants, the construction of authorised projects, the repowering of operational plants at the end of their life cycle with the aim of extending and enhancing their production capacity, and the development of offshore wind projects.
Paolo Bellucci, CEO of GreenIT and Head Renewable Business Italy of Plenitude, commented: “We are excited about this agreement with Galileo which, thanks to its internationally recognised experience in the sector, will contribute to the development of GreenIT’s portfolio through technologically advanced projects. This transaction is in line with the company’s mission and its objectives to develop, build and operate plants for the production of energy from renewable sources in Italy”.
Ingmar Wilhelm, CEO of Galileo, commented: “We are very pleased with this forward-looking agreement with GreenIT. The quality of the portfolio of projects developed by Galileo will find a home in GreenIT, a company with all the right characteristics to take care of its construction and operation. In Italy, Galileo is developing a further pipeline of onshore and offshore renewable projects accounting for a grand total of more than 2,000 MW in the country. Efficient synergies with such high-calibre partners like GreenIT can be strong propellers for the further expansion of our activities across Europe.”