Italy’s renewable energy producer vexuvo is set to invest 1.5 billion euros ($1.6 billion) on solar panels sites in the next three years as it aims to generate earnings of over 20 million euros in 2026, it said.

Founded in 2022 by renewable energy companies Greenergy Group and FF Ventures, vexuvo develops, builds and operates utility scale projects for the production and storage of energy from renewable sources.

Under the plan, unveiled as the company opened its new headquarters in Milan, vexuvo expects to set up 80 new facilities in 13 Italian regions for an overall output of 1.5 gigawatt (GW). The country’s main islands of Sicily and Sardinia, renowned for their sunny climates, will jointly host 20 plants out of the total.

“The opportunity of renewable energy is also social and economic because it is linked to the development of new professionalism. Italy can also distinguish itself in this field on an international level.”, Andrea Cristini, CEO and Co-Founder

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The company plans to hire 100 people over the period, split between the new Milan office and original headquarters in Rome.

“The solar sector plays a key role in our country as it contributes to reducing environmental impact, creates jobs, cuts energy costs and diversifies energy supply,” vexuvo Chief Operating Officer Filippo Fontana said in a statement.

“Its importance is set to grow further in the context of a transition to more sustainable and cleaner sources of energy,” he added.

Source: Reuters