Italian renewable energy developer GreenGo has obtained EUR 32.6 million in financing from Intesa Sanpaolo SpA to support the construction of eight solar farms across Italy. The company plans to install 41.8 megawatts of solar power capacity at locations in Calabria, Sicily, and Marche.
The new projects will include four solar farms in Calabria with a combined capacity of 22.8 MW, three in Sicily totaling 13.7 MW, and one 5.3 MW plant in Marche. According to GreenGo, these projects are currently under construction and are expected to become operational in the first half of 2025.
The solar portfolio will generate revenue through a variety of channels. Five of the eight farms will supply power under a corporate power purchase agreement with Sasol Italy SpA, the local arm of Sasol Ltd, a South African chemicals and energy company. The remaining output will be sold under a combination of state-backed incentive tariffs and a full merchant model.
“This transaction marks the start of GreenGo's new phase as an Independent Power Producer (IPP),” said GreenGo CEO Giuseppe Mastropieri. He also highlighted that the company is financing the construction of another 40 MW of solar capacity to increase its total capacity, with a target of adding at least 250 MW by 2025.
GreenGo plans to invest more than EUR 300 million by 2026 to expand its solar, wind, and energy storage projects by over 350 MWp.
