Lithuania based green energy company Green Genius and French investor Eiffel Investment Group have announced plans to establish a joint venture (JV) to develop 500 MW solar PV power plant capacity in Italy, with the latter initially investing up to €15 million to finance the portfolio.
All the projects under the JV will be developed by Green Genius that will lead the process bringing the projects till ready-to-build (RTB) stage. Eiffel, through its Eiffel Transition Infrastructure Fund, will finance the portfolio to obtain necessary permits and authorizations through equity financing.
Additional funds will flow at a later stage, the duo announced. Construction is due to begin on initial projects by 2023-end. Most of the projects in the portfolio are located in Puglia and Sardinia.
"Green transformation in Europe requires significant amounts of capital in versatile forms. This innovative capital solution offered by our partner brings flexibility and opens new opportunities in a complex process of developing renewables," said Green Genius CFO Rokas Bancevičius.
Eiffel takes a minority stake in the JV under this agreement. In December 2022, it launched a European JV with Pacifico Energy Partners to develop a portfolio of 300 MW agrivoltaic projects in Italy accompanied by energy storage (see Agrivoltaic & Storage Joint Venture For Italy Announced).