Neoen has commenced construction of its first three renewable energy projects in Italy.
These three solar farms, with a combined capacity of 24.7MW, are located in Lombardy (8MW and 7.6MW) and Marche (9.1MW).
Neoen has developed the projects and will retain 100% ownership.
The turnkey contract for their construction has been awarded to solar EPC system provider Intec Energy Solutions.
The commissioning of the solar plants is scheduled for early 2025.
Neoen’s strategy is to contract a significant portion of the electricity generated by its assets, together with the guarantees of origin, through power purchase agreements.
The remainder will be sold on Italy’s electricity market.
The solar farms will contribute to the governmental target of achieving 40% of electricity consumption covered by renewable energy plants by 2030.
These assets “reflect Neoen’s ambition to become a major player in Italy and a significant contributor to the development of renewable energy in Italy”.
Established in the country since 2021, Neoen’s growing team based in Brescia, Modena and Rome is developing numerous solar and storage projects.
The majority of Neoen’s solar projects are strategically located in areas selected by the government, implying fast-track development with projects able to reach the building stage within 12 to 16 months.
Daniele Lucchi, Neoen Italy’s Director of Project Development, said: “With a portfolio of more than 50 projects already under development across five different regions, we have the ambition to rapidly expand our presence in Italy.
“We are proud at the prospect of generating clean energy to support the decarbonisation of our country.”
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, added: “Our Italian office opened its doors in December 2021 and these projects were developed in under 24 months, a record time.
“I congratulate the team for such a fast execution.
“The Neoen Way – which is based on the development of our own projects to own and operate our assets on the long term – distinguishes us from our competitors.”