GreenGo Secures €32.6 Million for Italian Solar Expansion

• GreenGo secures €32.6 million for ambitious solar projects in Italy, paving the way for 41.8 MW of clean energy across Calabria, Sicily, and Marche by 2025.

GreenGo, an Italian renewables developer, has secured EUR 32.6 million (USD 35.6 million) in financing from Intesa Sanpaolo SpA for the construction of eight solar farms across Italy, totaling 41.8 MW of power capacity. These projects are located in Calabria, Sicily, and Marche, with four farms in Calabria (22.8 MW), three in Sicily (13.7 MW), and one in Marche (5.3 MW).

The solar plants, currently under construction, are expected to be operational by the first half of 2025. Five of the farms will enter a corporate power purchase agreement with Sasol Italy, while the remaining output will utilize state incentives and a merchant model. GreenGo plans to invest over EUR 300 million by 2026 to expand its renewable energy capacity significantly.

What are the key details of GreenGo's solar farm financing and construction plans?

Key Details of GreenGo's Solar Farm Financing and Construction Plans

- Total Financing Secured: GreenGo has successfully obtained EUR 32.6 million (approximately USD 35.6 million) from Intesa Sanpaolo SpA to fund its solar farm initiatives.

- Number of Projects: The financing will support the construction of eight solar farms in various regions of Italy.

- Total Power Capacity: The combined power capacity of these solar farms will be 41.8 megawatts (MW).

- Geographical Distribution:

- Calabria: Four solar farms with a total capacity of 22.8 MW.

- Sicily: Three solar farms with a total capacity of 13.7 MW.

- Marche: One solar farm with a capacity of 5.3 MW.

- Construction Timeline: The solar plants are currently under construction and are expected to be operational by the first half of 2025.

- Power Purchase Agreements: Five of the solar farms will enter into corporate power purchase agreements with Sasol Italy, ensuring a fixed market for a portion of their energy output.

- Additional Revenue Strategy: The remaining output of the solar farms will be sold utilizing state incentives alongside a merchant model, which allows for flexibility in selling energy at market rates.

- Future Investments: GreenGo has announced plans to invest over EUR 300 million in total by 2026 to significantly expand its renewable energy capacity across Italy.

- Environmental Impact: These solar farms are expected to contribute to Italy's green energy transition by providing clean, renewable electricity and reducing reliance on fossil fuels.

- Economic Benefits: The construction and operation of these solar farms may create jobs in local communities and stimulate economic growth in the regions where they are located.

- Regulatory Compliance: GreenGo is committed to ensuring that all projects meet local and national regulatory requirements for environmental sustainability and energy production.

- Public Engagement: The company plans to engage with local communities to inform them about the benefits of the solar farms, promoting environmental awareness and renewable energy education.

These details underscore GreenGo's commitment to expanding its solar energy portfolio and contributing to Italy's renewable energy goals.