Eni forms joint venture to release 1GW of renewables in Italy by 2025

• Oil group Eni and also Italian state loan provider Cassa Depositi e Prestiti (CDP) have actually developed a joint venture (JV) that will spend more than EUR800 million (US$ 953 million) in Italy's renewables sector by 2025.

GreenIT, which is 51% possessed by Eni and 49% by CDP Equity, will certainly generate energy primarily from PV and wind plants, with an aim of getting to 1GW of installed capacity in Italy in the next five years.

The JV will certainly establish, construct as well as manage renewable energy projects at residential property assets had by CDP, power plant sites that have actually reached completion of their beneficial life in addition to greenfield places.

Eni as well as CDP stated the collaboration remains in line with the goals established by Italy's 2030 integrated nationwide energy and also environment plan (PNIEC), which asks for renewables to cover 55% of electrical energy consumption by the end of the years. Already, it is expected solar PV will come to be the country's major source of tidy energy generation, with 52GW of set up capability, followed by wind at 20.2 GW and also hydropower at 19.2 GW.

Giuseppe Ricci, general manager of Eni's Energy Evolution service, stated the JV adds to the oil major's "change" in the direction of renewable resource. "Thanks to the collaboration with Cassa Depositi e Prestiti, our dedication to decarbonisation becomes significantly concrete: to attain the objectives of the United Nations 2030 agenda, it is vital to develop a system at nation level and also to pool with each other investment as well as expertise possibilities."

Eni last year announced plans to release 55GW of renewables by 2050, with an acting target of 5GW by 2025. According to the business's internet site, it had just 200MW of mounted tidy energy capacity in 2019.

Initiatives to scale up its solar existence have seen the company produce a US-focused joint venture with Falck Renewables, which last year acquired project designer Structure Energy US. The business last month made its initial tidy energy investment in Spain, buying 3 PV projects from regional developer X-Elio.

A current report from SolarPower Europe exposed that Italy is the EU market with the 2nd highest amount of PV ability, with 21.3 GW set up at the end of 2020. However, the nation included just 800MW of extra solar last year.