GreenIT and Galileo to install 140 MW solar capacity in Italy

ITALY – GreenIT, a collaboration between Eni SpA’s Plenitude and CDP Equity, has partnered with pan-European renewables developer Galileo Green Energy to deploy 140 MW of solar capacity across various Italian regions.

These joint efforts encompass eight projects devised by Galileo, set to cater to the electricity demands of over 90,000 homes annually upon their operationalization, slated for completion by 2027.

GreenIT, following its 2023-2027 Industrial Plan endorsed last April, endeavors to invest €1.7 billion (USD 1.86bn) to expand its portfolio’s installed capacity to 1,000 MW.

Concurrently, Galileo is advancing a pipeline of Italian renewable energy projects, including offshore wind initiatives, amassing over 2,000 MW.

Paolo Bellucci, CEO of GreenIT and head of Renewable Business Italy at Plenitude, remarked, “Galileo’s robust project portfolio aligns seamlessly with GreenIT’s profile, equipped to oversee their construction and operation.”

Galileo CEO Ingmar Wilhelm added, “We are very pleased with this forward-looking agreement with GreenIT. The quality of the portfolio of projects developed by Galileo will find a home in GreenIT, a company with all the right characteristics to take care of its construction and operation.”

Other solar projects in Italy

In another development, Enfinity Global secured €118 million (US$127.88 million) to erect four utility-scale solar PV plants in Italy, collectively yielding 101MW.

The funding, structured through a club deal arrangement involving UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank, will support the projects in the Lazio region. Expected to commence operations this year, these plants will generate 172GWh annually.

Carlos Domenech, CEO of Enfinity Global, expressed enthusiasm, stating, “We are thrilled to collaborate with UniCredit, BayernLB, and Siemens Bank, fortifying our existing 4GW portfolio in Italy. Our commitment aligns with Italy’s energy needs and environmental targets.”

Despite Italy’s heavy reliance on fossil fuels, constituting 80% of its energy consumption in 2021, the government aims to achieve a 30% renewable energy consumption target by 2030.

GlobalData reports suggest substantial progress, indicating Italy’s generation of 116.4 billion kWh from renewable sources in 2022.

This burgeoning market has attracted foreign investment. For instance, Lithuanian solar module manufacturer Solitek intends to establish its maiden overseas production facility in Benevento, southern Italy, recognizing the nation’s burgeoning renewable energy sector.

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