Green Genius, a Lithuania-based renewable energy company, has established a joint venture (JV) with Eiffel Transition Infrastructure to develop a 500MW solar park portfolio in Italy.
Eiffel Transition Infrastructure, a newly launched fund offering bridging equity for renewable energy infrastructure assets, is managed by France’s Eiffel Investment Group.
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Eiffel’s fund also has a minority interest in the JV and will support the project’s development and construction.
Eiffel has agreed to make an initial investment of up to €15m ($16.47m) to facilitate the portfolio’s development, and has committed to further investments to support the construction phase.
Eiffel Infrastructure head Pierre-Antoine Machelon stated: “This investment is the result of a long-standing collaboration with Green Genius with whom we are very pleased to partner on this new platform.
“This is the second investment in our equity strategy, launched in November 2022, to accelerate the development of renewable projects in Europe through the Eiffel Transition Infrastructure fund.”
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By GlobalDataThis new JV builds on the two companies’ alliance, which began in 2019 with solar photovoltaic projects in Poland, Italy and Spain.
The 500MW solar portfolio is planned chiefly in the Puglia and Sardinia regions of Italy, with Green Genius responsible for the development of the projects up to the commencement of construction.
Eiffel will fund this critical phase to secure essential permits through equity financing.
Construction works at the sites are expected to begin by the end of 2023.
The solar portfolio will generate renewable electricity sufficient to power more than 90,000 households, while displacing 330,000 tonnes of carbon emissions annually.
Green Genius CFO Rokas Bancevičius said: “Green transformation in Europe requires significant amounts of capital in versatile forms.
“This innovative capital solution offered by our partner brings flexibility and opens new opportunities in a complex process of developing renewables. Italy is one of our key markets where the company has already successfully developed projects in the past.”
