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Eni and CDP Equity create a joint venture to produce green energy in Italy

A new joint venture was created by Eni and CDP Equity with the goal of producing energy from renewable sources in Italy. 51% of GreenIT is owned by Eni, while 40% is owned by CDP Equity. The objective is to reach an installed capacity of about 1,000 MW by 2025. During the next five years, the total investment is expected to be around $953 million (€800 million).

J. Frank Sigerson

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Eni and CDP Equity have established 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 objective of reaching an installed capacity by 2025 of about 1,000 MW, with cumulative investments over the five-year period of more than $953 million (€800 million).

If you want to find more details about the new joint venture created by Eni and CDP Equity, and to read the latest and most important business headlines in the world, download for free the Born2Invest mobile app.

GreenIT is the second joint venture created by Eni

Last November, Eni had created the joint venture Vårgrønn together with the Norwegian fund HitecVision to develop renewable energy projects in the Nordic market. In that case, the joint venture  is owned by Eni with a 69.6% stake and 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 on various lines of action, including the development and construction of greenfield plants, including 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.

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The CEO of CDP Equity and CIO of CDP, Pierpaolo Di Stefano, commented: “The creation of GreenIT is the realization of a further project envisaged by the Cassa Depositi e Prestiti Business Plan to promote the energy transition and combat climate change, contributing to the achievement of the sustainable development objectives of the United Nations 2030 Agenda. The collaboration with Eni will allow working, in a systemic perspective, to develop projects with positive impacts on the territories for the production of energy from renewable sources, in order to build a model increasingly oriented to sustainability and support the country in achieving the targets defined by the National Integrated 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. In this perspective, thanks to the partnership with Cassa Depositi e Prestiti, our commitment to decarbonisation becomes more and more concrete: in order to achieve the objectives of the United Nations 2030 Agenda, it is essential to work together at a national level and share investment opportunities and know-how.”

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(Featured image by Pixabay via Pexels)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.