CDP Equity and Eni Form Italian Renewable Venture
Posted on 03/11/2021
Cassa Depositi e Prestiti Equity (CDP Equity SpA), which is administered by Cassa Depositi e Prestiti (CDP), is working with Eni S.p.A. to form a joint venture called GreenIT. GreenIT will be owned 51% by Eni and 49% by CDP Equity and will invest around €800 million in wind and solar projects by 2025. Eni believes the amount would be enough to deploy around 1 GW of renewable energy capacity.
Eni’s largest shareholder is the Italian government with a 30.33% stake.
Eni has locked in properties owned by CDP and the Italian public administration may be used to build the power plants. Eni wants to repower existing renewable energy facilities and shovel-ready projects that have already secured approval.
Eni has recently completed a 31 MW solar plant at one of its chemical industry sites in Sardinia.
Eni launched a partnership with Italian state-owned utility Enel to bring online 20 MW of hydrogen capacity between 2022 and 2023.
CDP is the largest shareholder of Italian energy company Snam, through CDP Reti Spa. State Grid Corporation of China and other investors are the other shareholders in Snam. Snam revealed plans to invest in hydrogen.