GreenIT, the Italian joint venture backed by Plenitude (a company controlled by Eni) and CDP Equity (part of CDP Group), 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 provides new resources to support investments in the development of a portfolio of greenfield onshore projects in Italy, through 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.
“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,” stated Paolo Bellucci, CEO of GreenIT told The Voice of Renewables.
The European Investment Bank 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 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.
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