- Enerside to invest in a JV with AGE in Italy with a target to develop 2.6 GW solar PV capacity
- Enerside will bring in 800 MW solar PV capacity to the portfolio, while AGE will add 1.768 GW
- All the projects will be at various stages of development across various Italian provinces
Spanish solar energy company Enerside Energy, SA is expanding its reach in the Italian solar market by agreeing to invest in a joint venture (JV) with Alternative Green Energy of Italy that will target to develop 2.6 GW of PV capacity in the country.
Under a binding agreement between the 2, Enerside will bring in 800 MW of projects to the JV, while AGE will contribute another 1.786 GW to the portfolio. All these projects will be in different stages of development and spread across various provinces.
“The operation contemplates the acquisition in cash, by Enerside, of part of the AGE shares of the new company, for a total amount of €3 million at the time of signing, after the corresponding due diligence. As a result, Enerside will have a controlling interest of approximately 62% and AGE the remaining 38%,” stated the Spanish company.
For the Spanish company, Italy is one of the strongest European markets and the corporate partnership strengthens Enerside’s position in European solar market. Apart from Spain and Italy, it is also operating in Brazil and Chile in Latin America.
With a cumulative installed solar PV capacity of 25 GW till 2022-end and official target to expand to 71.2 GW by 2030, Italy is one of the strongest solar markets in the continent (see Italy Installed 2.48 GW New Solar PV Capacity In 2022).