Italy’s Renantis and UK-based Ventient Energy have agreed to combine operations to create a new independent power producer (IPP) with an installed capacity of 4.2GW and a pipeline of 18GW.

The two renewable energy companies are owned by institutional investors advised by JP Morgan Asset Management.

The merged entity, with its installed capacity spread across 200 plants, is expected to become one of the top five IPPs in Europe’s onshore wind space.

Its portfolio will also include solar plants and energy storage facilities across nine countries in Europe and the US.

The 18GW development pipeline of the two companies includes onshore wind, floating offshore wind, solar photovoltaics, energy storage and green hydrogen projects.

The consolidated entity will continue to provide tailored energy management, asset management and technical advisory solutions to its industrial and tertiary-sector clients across all stages in the value chain.

Renantis CEO Toni Volpe stated: “Sustainability and people are at the centre of everything we do at both Renantis and Ventient Energy. Together, we will create an organisation that will allow us to accelerate towards building a better future for people and the planet.

“Both companies share aligned values, purpose and culture, so this integration is a natural step in the strategic evolution of our businesses.”

Established in 2002, Renantis has 1.42GW of installed capacity through 70 renewable plants.

It has a pipeline of 17GW, including 8.6GW of floating offshore wind in the UK and in Italy. The company has a workforce of 750.

With a staff headcount of 250, Ventient has a portfolio of 2.8GW in European onshore wind, spread across 145 sites.

It is developing wind and solar co-location projects in Spain and planning a co-location pipeline of 1GW in solar.

The two companies have started their integration and expect to complete their merger in 2024.