GreenIT, an Italian renewable energy joint venture owned by Eni subsidiary Plenitude, and Cassa Depositi e Prestiti holding company CDP Equity, announced that it has signed a €370 million (US$407 million) project financing agreement to develop a portfolio of new onshore renewable projects across Italy. The company aims to reach one gigawatt of installed capacity by 2030.

GreenIT was established in 2021 and is focused on developing, building and operating renewable energy plants across Italy. The joint venture is 51% owned by Plenitude and 49% by CDP Equity. Its projects focus on photovoltaic and wind power, as well as the repowering of existing plants and the development of sites linked to CDP Group and the public sector.

The latest financing is structured in line with Green Loan Principles, providing long-term and flexible resources for the construction of greenfield plants. Work on the projects is expected to be completed by 2028, keeping the company on track with its 2030 target.

Paolo Bellucci, CEO of GreenIT, said:

“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.”

The European Investment Bank contributed €220 million to the transaction, including €180 million in direct loans and €40 million channeled through financial intermediaries. Major European banks also contributed, including BNP Paribas – Italian Branch, Crédit Agricole Corporate & Investment Bank – Milan Branch and ING Bank N.V..