Spanish renewable energy company Elawan Energy has announced the formation of a joint venture (JV) in Italy to develop 2 GW of new solar PV capacity. Poland-based utility-scale solar PV company R.Power Investment is its JV partner for this initiative.  

All of the projects in the JV’s portfolio are greenfield facilities and at an early development stage. Their individual capacity of these facilities will range within 8 MW to over 40 MW.  

These will be ready for construction or achieve the ready-to-build (RTB) stage over the next 6 years, until 2030. Projects will be located in Basilicata, Lazio, Sardinia, and Sicily, among other regions in Italy.  

R.Power will be responsible for project origination, development and partial financing of expenses under the JV with Elawan as the financial partner.   

Part of the Japanese diversified financial services group ORIX Corporation, Elawan says the JV is aligned with its global expansion. It sees Italy’s ambitious decarbonization plan as making it an attractive bet for renewable energy investments.  

The Spanish group entered the Italian market with an acquisition of 2 PV projects in January 2023.  

While Elawan boasts more than 8.5 GW renewable energy capacity in various stages of development in its portfolio, R.Power has 9.9 GW solar PV capacity in its kitty under development.