Italian Renewable Powerhouse GreenIT Expands Solar Portfolio with 140 MW Galileo Deal

Italian Renewable Powerhouse GreenIT Expands Solar Portfolio with 140 MW Galileo Deal

(IN BRIEF) GreenIT, the Italian renewable energy joint venture backed by Plenitude (Eni, 51%) and CDP Equity (CDP Group, 49%), has entered into an agreement with Galileo, a pan-European renewable energy development platform, to develop eight photovoltaic projects totaling approximately 140 MW across Southern, Central, and Northern Italy. These projects, set to be operational within the timeframe of GreenIT’s 2023-2027 Industrial Plan, are expected to provide electricity for over ninety thousand households, aligning with Italy’s decarbonization goals. GreenIT’s strategy aims to reach an installed capacity of 1,000 MW, emphasizing renewable energy production in Italy, including greenfield plants, authorized projects, repowering of operational plants, and offshore wind projects. CEO Paolo Bellucci highlights the importance of this partnership in advancing GreenIT’s mission of renewable energy production. Galileo CEO Ingmar Wilhelm emphasizes their commitment to Italy, with over 2,000 MW of renewable projects in development.

(PRESS RELEASE) MILAN/ROME/ZURICH, 8-Jan-2024 — /EuropaWire/ — 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.”

1) Calculation based on the estimated average annual electricity consumption of an Italian residential customer of 2,700 kWh/year according to data published by Arera in the Annual Report 2021.

2) National Energy Situation Report 2022 prepared by the MASE: states that “In Italy, in one year, a typical household consumes about 1,400 cubic meters of natural gas and 2,700 kWh of electricity for the energy needs of its home, and about 1,000 liters of fuel to travel by its means of transportation. These are consumption levels that fairly closely represent the energy footprint of a 4-member household, residing in a dwelling in climate zone E (where 47 percent of the country’s permanently occupied dwellings are surveyed), using natural gas for heating, domestic hot water and cooking food, and owning private means of transportation with which they travel about 15,000 kilometres per year.”

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SOURCE: Eni