GreenIT, a renewable energy joint venture between Plenitude (a subsidiary of Eni) and CDP Equity, has secured a €370 million (US$407 million) project financing agreement to support the development of new onshore renewable energy projects across Italy.

Established in 2021, GreenIT is jointly owned by Plenitude (51%) and CDP Equity (49%). The company focuses on the development, construction, and operation of photovoltaic and wind energy plants, as well as repowering existing infrastructure and utilizing public sector-linked sites.

The financing was structured in line with Green Loan Principles, providing long-term and flexible capital for the construction of greenfield renewable energy plants. The portfolio of projects is expected to be completed by 2028, helping the company stay on track to achieve its 1 GW installed capacity target by 2030.

Paolo Bellucci, CEO of GreenIT, stated that the transaction "strengthens GreenIT's financial structure" and supports the ambitious investment plans under the company's industrial strategy. He also noted the vote of confidence shown by financial institutions involved.

The European Investment Bank (EIB) contributed €220 million to the transaction--€180 million through direct loans and €40 million via intermediaries. Other major contributors include BNP Paribas, Crédit Agricole CIB, and ING Bank.

The move highlights growing momentum in Italy's energy transition and the continued role of public-private cooperation in meeting national and EU decarbonization targets.

Source: esgtoday.com