Verbund AG enters Italy with 250 MWp Solar PV Project

• Verbund AG has actually signed a cooperation agreement with the PV-Invest Group for the acquisition of a project development business including development of a solar photovoltaic or pv (PV) project portfolio of up to 250 MWp.
• The project portfolio includes a pipe of approximately 45 greenfield solar PV installments approximately Apulia in southern Italy.

Verbund AG has revealed that its Executive Board has approved the firm's market entry right into the Italian market. Verbund AG has actually signed a cooperation agreement with the PV-Invest Group for the acquisition of a project development company including development of a solar photovoltaic (PV) project portfolio of as much as 250 MWp.

Verbund stated that the acquisition of the project is not contractually linked to an investment decision yet, which will only be made when the projects prepare to build as well as is contingent on the productivity criteria of Verbund continuing to be met.

The official declaration of Verbund held that the project portfolio contains a pipeline of up to 45 greenfield solar PV installations around Apulia in southern Italy. Part of the pipe comprises Agri-PV projects that will allow for much more sustainable energy generation. The project portfolio is still in the authorization phase. All of the projects have a capacity of less than 10 MWp. The projects from the portfolio will gradually achieve ready-to-build status starting in quarter 3/2023 as much as mid-2024, with the bulk coming on stream by the end of 2024.

By applying its Mission V programme, Verbund stated its striving for significant growth in the field of new renewables. The firm's strategy is to create about 20-- 25% of its electrical power from solar sources and (onshore) wind power plants by 2030 which corresponds to an installed capacity of 3,800 MW. Verbund has an unbiased to spread its risk through regional distinction.

Adhering To The Spanish Acquisition

The Italian expedition adheres to the successful entry of Verbund in the Spanish market in May, 2022. The company got a regulated as well as functional PV portfolio in Spain having a complete installed capacity of 82 MWp. Moreover, the acquisition additionally consisted of a comprehensive development platform (wind and PV), along with its development group

About 2,100 MW of this platform goes to an innovative stage of project development, while around 2,400 MW are greenfield projects. 100% of the risks in the claimed portfolio have been gotten by Verbund and the obtained projects were located across Spain.