PLT Energy US Corp, a subsidiary of Italian renewables and storage developer PLT Energia, has inked a joint venture agreement with GGS Energy to propel the development of over 1GW of renewable energy projects in Texas, the companies announced on Monday.
The inaugural venture of the JV will be the inception and construction of the Indigo Project Phase I, situated in West Texas, boasting a total capacity of 330MW. This comprehensive project comprises 150MW of photovoltaic (PV) capacity coupled with 180MW of storage infrastructure.
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Construction activities for the Indigo Project Phase I are slated to kick off in June 2024, marking a significant milestone in advancing renewable energy initiatives in the region.
The newly established JV, PLT US Solar 1, is predominantly owned by PLT Energy US Corp, holding an 80% stake, while GGS Energy possesses a 20% interest in the collaboration.
Pierluigi Tortora, Chairman of PLT Energia, underscored the strategic significance of the partnership, stating, “This dynamic JV with GGS Energy offers PLT a platform for international growth into the US market and advances our long-term goals of being a leader in the realization of renewable energy projects globally.”
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GGS Energy, a subsidiary of Glacier Global Partners, emerged in 2020 as a pioneering force in the energy transition landscape, focusing on the development of utility-scale renewable energy projects in the US, with an initial emphasis on PV projects.
Yaniv Blumenfeld, Chairman of GGS Energy, expressed enthusiasm regarding the collaboration, affirming, “We are thrilled to embark on this journey with PLT Energia. In aligning with PLT, GGS Energy is not just forming a partnership; we are joining forces with a team whose trust and support reflect a deep alignment with our mission and values. This JV is a steppingstone for GGS's growth and signals our collective commitment to transform the energy landscape.”
