CDP EQUITY INVESTS WITH ENI IN THE PRODUCTION OF ELECTRICITY FROM RENEWABLE SOURCES

Thursday, 25th march 2021 | Renewable energies
Marco Arezio - Consulente materie plastiche - CDP Equity Invests with Eni in the Production of Electricity from Renewable Sources

Cassa Depositi e Prestiti, the operational and financial arm of the Italian state, has decided to invest in the new company called GreenIT with a partner with great experience in the energy world such as ENI.

The focus of the new company is to produce clean energy through the wind and solar sector to reduce dependence on fossil fuels, through an investment of 800 million euros in the next 5 years, creating an installed capacity target of 1,000 MW.

According to information from Eni, the company with CDP Equity have set up GreenIT, a new joint venture for the development, construction and management of production plants 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 aim of reach an installed capacity of approximately 1,000 MW by 2025, with cumulative investments in the five-year period of over € 800 million.

The resources will be used on various areas of intervention that include the development and construction of greenfield plants, also 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.

The establishment of GreenIT is part of the strategy aimed at supporting the country's energy transition, increasing the production of renewable energy, in line with the objectives set by the Integrated National Plan for Energy and Climate 2030.

The CEO of CDP Equity and Chief Investment Officer of CDP, Pierpaolo Di Stefano, commented: “The birth of GreenIT is the realization of a further project envisaged by the Industrial Plan of Cassa Depositi e Prestiti to promote the energy transition and combat 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 oriented towards sustainability and support the country in achieving the targets defined by the National Integrated Energy and Climate Plan. "

Giuseppe Ricci, General Manager of Energy Evolution of Eni, declared: “This new joint venture is part of Eni's strategy for the energy transition and contributes to acceleration of our transformation path towards green energy and renewables.

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 2030 Agenda for United Nations it is essential to create a system at the country level and to pool investment opportunities and know-how ”.

Eni and CDP Equity are related parties. Both companies have applied their own internal procedure in this matter.

Who is ENI?

Eni is an energy company present in 66 countries around the world that employs about 32,000 people. The company operates in the exploration, development and production of oil and gas, refining & marketing, trading and shipping, chemicals, renewable energy and innovative solutions in the circular economy.

Eni's mission is inspired by the United Nations 2030 Agenda and these values are reflected in its business model, in turn based on three long-standing pillars term: carbon neutrality, operational excellence and the creation of alliances for local development. Decarbonisation is an integral part of the strategy and objectives of the company which sets itself as a leader in the energy transition with the goal of achieving zero net emissions by 2050.

Who is CDP Equity?

CDP Equity is a holding company of the Cassa Deposits Group and loans, which has the objective of investing risk capital in companies of significant national interest and in companies in economic, financial and equity balance, with adequate prospects of profitability and development, capable of generating value for investors.

CDP Equity also owns majority and minority stakes in some asset management companies specialized in various fields.

Automatic translation. We apologize for any inaccuracies. Original article in Italian.



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