GreenIT, a renewable energy joint venture based in Italy and owned by Eni’s subsidiary Plenitude and Cassa Depositi e Prestiti’s holding company CDP Equity, has announced the signing of a €370 million project financing agreement. This funding will support the development of new onshore renewable projects across Italy, with the company targeting an installed capacity of one gigawatt by 2030.
Established in 2021, GreenIT focuses on the development, construction, and operation of renewable energy plants in Italy. The joint venture is 51% owned by Plenitude and 49% by CDP Equity, concentrating on photovoltaic and wind power, repowering existing plants, and developing sites linked to the CDP Group and the public sector.
The financing aligns with Green Loan Principles, offering long-term and flexible resources for building greenfield plants. The projects are expected to be completed by 2028, ensuring the company remains on track to achieve its 2030 goals.
Paolo Bellucci, CEO of GreenIT, commented: “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.”
The European Investment Bank has contributed €220 million to the transaction, including €180 million in direct loans and €40 million through financial intermediaries. Other major European banks involved include BNP Paribas – Italian Branch, Crédit Agricole Corporate & Investment Bank – Milan Branch, and ING Bank N.V.
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