100 MW of Solar: Innovatec, EnBW Unit Join Forces
- Innovatec and Senec Italia have signed a MoU to jointly develop 100 MWp of solar projects for sale to third parties. Senec will hold a 49% stake in the SPV, while Innovatec will handle development and permitting. Construction and sale of the portfolio is expected in 2024.
Italian energy services provider Innovatec and Senec Italia, a subsidiary of German energy firm EnBW, have signed a Memorandum of Understanding to jointly develop 100 MWp of solar projects for sale to third parties. Under the agreement, Senec will hold a 49% interest in a special purpose vehicle that will initially own the projects, covering its share of investments. Innovatec will handle all development and permitting procedures, while Senec will install the capacity on an engineering, procurement and construction basis. The construction and sale of the initial portfolio is expected to occur in 2024.
What Is the Impact of Innovatec & Senec Italia's Partnership?
- The partnership between Innovatec and Senec Italia is expected to create 100 MWp of solar energy projects by 2024, as well as increase the presence of solar energy in Italy.
- The agreement will provide Senec with a 49% interest in the special purpose vehicle, allowing them to cover their investments and share profits.
- Innovatec will be responsible for all development and permitting processes, while Senec will be the designated engineering, procurement and construction service provider.
- The solar energy projects developed by the partnership are expected to provide clean energy solutions for the Italian market, as well as additional economic benefits from the investments and profits generated.
- The partnership also serves to demonstrate the increasing commitment of both Innovatec and Senec Italia to the promotion of renewable energy sources in Italy.