A new joint venture called GreenIT has been launched for the Italian market with the parent companies eying up to 1 GW renewable energy capacity in the country by 2025, comprising mainly solar PV and wind power plants.
The joint venture has oil company Eni and Italian sovereign wealth fund Cassa Depositi e Prestiti (CDP) Equity as 51:49 stakeholders, respectively. They plan to invest over €800 million ($954 million) over the next 5 years for GreenIT to develop, construct and manage greenfield renewable energy plants to achieve the 1 GW target.
"The resources will be used across various areas of intervention which include the development and construction of greenfield plants, including through the enhancement of the real estate assets of the CDP Group and the Public Administration, the repowering of plants at the end of their useful life and the construction of authorised projects," stated the partners.
According to the partners, this joint venture is part of the strategy to support Italy's energy transition and increase the generation of renewable energy aligned with the 2030 Integrated National Energy and Climate Plan.
Eni is increasingly making efforts to build up its renewables portfolio, through partnerships and acquisitions In the US, it has a partnership with Falck Renewables for joint venture Novis (see Falck & Eni To Acquire US Wind & Solar Developer). In February 2021, it signed an agreement with X-Elio to acquire 140 MW solar PV capacity in Spain (see Italian Oil Firm To Acquire 140 MW Solar In Spain).
On its website, Eni says its current installed renewables capacity is close to 84 MW, as it integrates plants into the redevelopment projects for industrial areas.
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