Italy’s energy&oil giant Eni and CDP Equity have set up GreenIT, a joint venture dedicated to the development, construction and management of plants for the production of electricity from renewable sources in Italy. GreenIT, 51% owned by Eni and 49% by CDP Equity, aims to produce energy mainly from photovoltaic and wind power plants with the aim of reaching an installed capacity of approximately 1,000 MW by 2025, with cumulative investments over the five-year period for over 800 million euros (see the press release here).
Last November Eni created the Vårgrønn joint venture together with the Norwegian private equity firm HitecVision to develop renewable energy projects in the Nordic market (see here a previous article by BeBeez). In that case, the joint venture is held by Eni with a 69.6% stake and by HitecVision with a 30.4% stake.
Returning to the new Italian joint venture with Cdp Equity, the law firm Gianni, Origoni, Grippo, Cappelli & Partners assisted the Cassa Depositi e Prestiti group, while the Eni group was assisted by Legance.
The resources will be used in various areas of intervention which include the development and construction of greenfield plants, also through the enhancement of the real estate assets of the CDP Group and the Public Administration, the repowering of plants at the end of their useful life and the construction of authorized projects.
The ceo of CDP Equity and cio of CDP, Pierpaolo Di Stefano, commented: “The birth of GreenIT is the realization of a further project envisaged by the Industrial Plan of Cassa Depositi e Prestiti to favor the energy transition and combat climate change. , contributing to the achievement of the sustainable development goals of the United Nations 2030 Agenda. The collaboration with Eni will make it possible to work, from a system perspective, on the development of projects with positive impacts on the territories for the production of energy from renewable sources, in order to build a model increasingly oriented towards sustainability and support the country in achieving the targets defined by the Integrated National Energy and Climate Plan. ”
Giuseppe Ricci, general manager of Eni’s Energy Evolution, said: “This new joint venture is part of Eni’s strategy for the energy transition and contributes to the acceleration of our transformation path towards green energy and renewables. With this in mind, thanks to the partnership with Cassa Depositi e Prestiti, our commitment to decarbonization becomes increasingly concrete: to achieve the objectives of the United Nations 2030 Agenda, it is essential to create a system at the country level and to put together investment opportunities. and know how “.