European solar developer R Power and Orix Group’s Elawan Energy have formed a strategic joint venture to accelerate the development of solar projects in Italy.
The objective of the partnership is to establish a portfolio exceeding 2GW of solar projects in the country.
The purpose of forming the joint venture partnership is to bolster R Power’s pipeline development in Italy over the next five years.
The projects will be equally distributed at the ready-to-build stage between R Power and Elawan Energy.
Elawan Energy will serve as the financial partner, while R Power will manage project origination, development and partially finance the development expenses.
Klaudiusz Kalisz, a member of R Power’s board, said: “We are pleased to enter into this joint venture with Elawan Energy, which represents a pivotal step in our strategy to become one of the leaders on the Italian RES market.
“Partnering with Elawan enhances our international market presence and marks a significant milestone in our Italian operations.
“We look forward to furthering this cooperation and making a substantial impact on the Italian market, contributing to a greener and more sustainable future.”