Italy’s integrated energy company Eni and investment bank Cassa Depositi e Prestiti holding company CDP Equity announced today the launch of GreenIT, a new joint venture for the development, construction and management of plants for the production of electrical power from renewable sources.

According to Eni and CDP, GreenIT will produce energy in Italy 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 amounting to over €800 million in the five-year period.

Projects will include 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 authorised projects.

Pierpaolo Di Stefano, CEO of CDP Equity and Chief Investment Officer of CDP, said:

“The birth of GreenIT is the realisation of a further project envisaged by the Business Plan of Cassa Depositi e Prestiti to aid the energy transition and contrast 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 geared 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 process towards green energy and renewable sources. With this in mind, thanks to the partnership with Cassa Depositi e Prestiti, our commitment to decarbonisation becomes increasingly concrete: to achieve the objectives of the United Nations 2030 Agenda, it is essential to create a system at country level and to pool together investment and know-how opportunities.”

GreenIT will be 51% owned by Eni and 49% by CDP Equity.