- GreenIT SpA secured €370 million in project finance to expand renewable projects in Italy, targeting 1 GW capacity by 2030.
- The European Investment Bank provided most of the funding, with additional support from major European banks.
GreenIT SpA has secured a €370 million ($434.2 million) project finance agreement to expand its renewable energy portfolio in Italy. The joint venture between Eni SpA’s Plenitude and CDP Equity announced that it will channel the funds into developing a series of greenfield projects across the country.
Meanwhile, Eni stated that GreenIT expects to complete construction by 2028, which aligns with its industrial plan to deliver 1 gigawatt (GW) of installed renewable capacity by 2030.
“This strategic transaction strengthens GreenIT’s financial structure and provides fresh resources to support investments planned under our ambitious industrial plan,” said Paolo Bellucci, CEO of GreenIT. “The confidence demonstrated by the lending institutions reinforces our strategic vision to play a leading role in Italy’s energy transition.”
The European Investment Bank (EIB) committed $258 million, with $211 million issued as direct loans and $46.9 million channelled through financial intermediaries. Additional funding came from major European financial institutions, including BNP Paribas, Crédit Agricole Corporate & Investment Bank, ING Bank NV, and Société Générale.
GreenIT forms part of Plenitude’s broader growth strategy. Plenitude operates in more than 15 countries, combining renewable electricity generation, over 4 GW of installed capacity, and energy supply and services to more than 10 million customers across Europe. The company also manages an extensive network of 21,500 electric vehicle charging stations.