By Victor Uchechukwu
- Says the new resources will support the achievement of the target of 1GW of installed renewable energy capacity by 2030
- The European Investment Bank and leading European financial institutions also lent their support
GreenIT, the Italian joint venture backed by Eni’s Plenitude, and CDP Equity (part of CDP Group), said it has signed a new project finance agreement for a total amount of €370 million to support its renewable energy projects.
Aligned with the Green Loan Principles, the financing will provide, Eni says, new resources to support investments in the development of a portfolio of greenfield onshore projects in Italy, using a flexible and long-term structure. The construction of the projects is expected to be completed by 2028, in line with GreenIT’s industrial plan, which targets 1GW of installed renewable capacity by 2030, Eni told Energy Window International (Media) in a statement.
“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 according to Eni has subscribed a total amount of €220 million, including €180 million in direct loans and €40 million through financial intermediaries. The remaining share of the financing Eni said was provided by leading European financial institutions, including BNP Paribas – Italian Branch, Crédit Agricole Corporate & Investment Bank – Milan Branch, ING Bank N.V. – Milan Branch, and Societe Générale – Milan Branch.
Energy Window International (Media) learns that GreenIT is a joint venture owned 51% by Plenitude (company controlled by Eni) and 49% by CDP Equity, said to have been established to develop, build, and operate renewable energy plants across Italy. Founded in 2021 according to Eni, the company plays, Eni also said, a strategic role in supporting the country’s energy transition by boosting renewable energy generation, in alignment with the targets set by Italy’s Integrated National Energy and Climate Plan for 2030.