Italy’s Largest Solar Plant Gets A New Owner

• European Energy has sold 121.5 MW solar package in Italy to Iren Energia for €166 million
• It includes the country's largest operational 103 MW Troia Solar Park and an 18.5 MW solar facility
• Both the companies have also agreed to cooperate over a 437.5 MW solar portfolio in Lazio, Sicily and Puglia regions of Italy

Danish renewable energy company European Energy has offloaded 121.5 MW solar power capacity in Italy, including 103 MW facility touted as the largest operational solar PV project in the country in 2020 when it was commissioned, to Iren Energia for €166 million ($189 million).

The 103 MW Troia Solar Park was commissioned in June 2020 in Apulia, near Foggia region of Italy. European Energy back then counted it as the 17^th largest solar project in the world with a single connection point.

Along with the Troia Solar Park, Iren Energia is also buying an 18.5 MW solar facility that European Energy recently grid connected in Palo region. Both the projects together generate around 180 GWh of clean energy annually. The transaction will close in Q1/2022.

In addition, European Energy and Iren Energia have announced a strategic agreement to develop 437.5 MW solar capacity in Lazio, Sicily and Puglia over the next few years.

European Energy said it has a pipeline of close to 2 GW in Italy for which it plans to invest close to €800 million over the next 4 years to develop and construct other projects. The sale of 121.5 MW will strengthen its financial position, according to the management.

The Danish company had an active project development pipeline of more than 17 GW at the end of Q2/2021, majorly comprising solar PV technology (see European Energy Launches €300 Million Green Bond).