GreenIT SpA has signed a new project finance agreement for EUR 370 million ($434.2 million) to support its renewable energy projects. GreenIT, a joint venture between Eni SpA’s Plenitude and CDP Equity, plans to invest the funds in the development of a portfolio of greenfield projects onshore Italy.
In a media release, Eni said that the construction of the projects is expected to be completed by 2028, in line with GreenIT’s industrial plan, which targets 1 gigawatt (GW) of installed renewable capacity by 2030.
“The completion of this strategic transaction strengthens GreenIT’s financial structure, providing new resources to support the investments planned for the next few years by our ambitious industrial plan. The strong confidence shown by the lending institutions reinforces GreenIT’s strategic vision to play a key role in Italy’s energy transition”, Paolo Bellucci, CEO of GreenIT, said.
The European Investment Bank has committed $258 million, including $211 million in direct loans and $46.9 million through financial intermediaries. The remainder was sourced from prominent European financial institutions, such as BNP Paribas, Credit Agricole Corporate & Investment Bank, ING Bank NV, and Societe Generale.
GreenIT enhances the offerings of Plenitude. Plenitude operates in more than 15 countries worldwide, utilizing a business model that combines electricity generation from renewable sources, with over 4 GW of installed capacity, alongside providing energy and energy solutions to more than 10 million customers across Europe, according to Eni. Plenitude also has an extensive network of 21,500 electric vehicle charging stations, according to Eni.
Source: By Paul Anderson from Rigzone.com