European Energy has successfully concluded the divestment of two solar farm projects in Sicily to Sosteneo SGR, acting on behalf of its clients. The combined capacity of these renewable energy projects amounts to 231MW, with both facilities strategically located in Sicily.
The first agreement, covering a 68MW solar farm in Ramacca spread across 135 hectares, was formally closed in September. Subsequently, the second agreement, involving a 163MW solar farm in Mineo, reached its conclusion on November 20. As per the terms of these agreements, Sosteneo acquires 100% of the shares of the Ramacca solar farm and 50% of the shares of the Mineo solar farm.
A noteworthy aspect of this deal is the joint construction and operation of the Mineo PV plant, with Sosteneo and European Energy entering into a 50/50 partnership for this venture. Upon reaching full operational capacity, these solar farms are expected to generate 327GWh of electricity annually, capable of powering over 120,000 European households.
The completion of these projects aligns with Italy's green deal, contributing significantly to carbon emission reduction by avoiding over 150,000 tonnes of CO2 annually compared to traditional fossil fuel usage.
Alessandro Migliorini, Director and Country Manager for Italy at European Energy, expressed pride in the agreement with Sosteneo, highlighting European Energy's capability to develop projects that attract leading investors in the Italian renewable energy market.
The necessary authorizations and development rights for these renewable energy projects have been secured, and meticulous attention has been given to the design phase, with a focus on utilizing the latest photovoltaic technologies suited to the landscape to optimize clean energy production.
Legal advisor Green Horse and technical advisor EOS played key roles in assisting European Energy throughout the transaction.