Spain's Enerside inks deal to co-create 2.6-GW solar biz in Italy

• Spanish integrated solar PV platform Enerside Energy SA (BME: ENRS) stated on Friday it had struck an offer to establish a joint business that will hold a pipe of 2.6 GW of solar projects in Italy.

It said it authorized a binding agreement with AGE (Alternative Green Energy Italy Holdco 2 SL) to develop the Italian company, with both parties contributing solar projects in various stages of advancement as well as various parts of Italy.

The joint company will certainly have projects completing 1,786 MW nominal added by AGE as well as 800 MW nominal from Enerside. The business will gain from AGE's group, which has neighborhood knowledge, while Enerside will bring experience in establishing greenfield projects with building as well as procedure, the firm said.

Enerside will likewise acquire several of AGE's shares in the new firm for EUR 3 million (USD 3.19 m) in cash money complying with due diligence. Once they authorize, Enerside will have a risk of around 62% in business as well as AGE the staying 38%, Enerside claimed in a bourse filing.

Spain-based AGE is Enerside's shareholder, holding an interest of 8.3% by means of Alternative Green Energy Italy Holdco SL

Enerside is already existing in Italy, having obtained assets there at the start of 2022 before going public later on in March.