Vexuvo, an Italian renewable energy producer, has announced plans to invest a substantial €1.5 billion (approximately $1.6 billion) in solar panel projects over the next three years. The company aims to achieve earnings exceeding €20 million by 2026, according to a statement released on Thursday.
Established in the previous year through the collaboration of renewable energy entities Greenergy Group and FF Ventures, Vexuvo specializes in the development, construction, and operation of utility-scale projects dedicated to the production and storage of renewable energy.
Under this ambitious strategy, Vexuvo envisions the creation of 80 new solar facilities distributed across 13 regions in Italy, with an overall capacity reaching 1.5 gigawatts (GW).
Notably, the sunny regions of Sicily and Sardinia, renowned for their favorable climate conditions, will jointly host 20 of these solar plants.
To support this expansive endeavor, Vexuvo plans to recruit approximately 100 individuals over the specified three-year period. This workforce will be distributed between the company's newly inaugurated Milan office and its original headquarters in Rome.
Filippo Fontana, Chief Operating Officer at Vexuvo, emphasized the pivotal role of the solar sector in Italy, highlighting its contributions to environmental sustainability, job creation, reduced energy costs, and a diversified energy supply.
“The solar sector plays a key role in our country as it contributes to reducing environmental impact, creates jobs, cuts energy costs, and diversifies energy supply,” stated Fontana. “Its importance is set to grow further in the context of a transition to more sustainable and cleaner sources of energy,” he added.
