Swiss-headquartered asset investment firm Capital Dynamics has made a significant move in the renewable energy sector by acquiring 170MW of ready-to-build solar PV capacity in Italy. The deal, conducted with an undisclosed sum and from an unnamed global energy service provider, highlights the growing interest in Italy's thriving solar market.
The acquired solar capacity is located in Sicily and is divided between two projects. These projects are expected to generate an impressive 324GWh of power annually. Capital Dynamics has revealed that both projects have secured long-term power purchase agreements, although the off-takers and the capacity distribution between the two sites were not disclosed.
Dario Bertagna, co-head of Capital Dynamics Clean Energy, expressed enthusiasm about the acquisition, stating, “Thanks to this additional acquisition, our Italian subsidy-free footprint increases to over 500 MW, demonstrating our commitment to being a major supporter of Italy's energy transition. Italy remains one of the most exciting solar markets in Europe.”
Italy has been making significant strides in its renewable energy goals, with the potential to deploy 4GW of new solar PV by the end of 2023. In the first half of the year alone, the country installed over 2.3GW of solar capacity. Earlier this year, Italy updated its National Energy and Climate Plan (NECP) with the ambitious target of achieving a 65% renewables penetration in its electricity mix by 2030.
Sicily and the southern regions of Italy have become hotspots for utility-scale solar projects, while rooftop solar installations are more concentrated in the affluent northern regions. In a notable development, Ingka Group, the owner of IKEA, acquired a minority stake in a 460MWp solar portfolio across various southern regions, including Sicily, Puglia, and Sardinia. Additionally, renewables developer European Energy holds the distinction of owning Italy's largest single solar farm, a 250MW project in Catania, Sicily. Catania is also home to Enel 3Sun's 3GW module manufacturing facility.
