GreenGo has announced it will build around 1300MW of new Italian renewables projects of which it will be 100% owner.
The company was founded in 2018 as a start-up for the design and construction of innovative co-managed plants and the pipeline will have an around 880MW agri-voltaic segment, but there will also be wind and traditional photovoltaics, plus approximately 300MW of batteries.
Between 2022 and 2023, GreenGo saw the entry of the Eiffel Fund with €22m and ended 2023 with approximately €7m in revenues.
Among the latest deals signed was an agreement for the 10-year energy supply to Sasol Italy Spa, the Italian branch of the South African multinational chemicals group Sasol, which has three production sites in Italy.
The pipeline was announced by GreenGo chief executive Giuseppe Mastropieri at the company’s Bologna headquarters. Alongside him at the press conference were the councillor for the 2030 Climate Mission of the Municipality of Bologna Anna Lisa Boni and Rector of the Luiss Business School and Professor of Corporate Finance at LUISS Guido Carli Raffaele Oriani.
The developer has partnered with both entities, including climate commitments and staff training plans.
“We are betting on an innovative agri-voltaic formula that is highly sustainable because panels reduce the water requirements of crops and mitigation helps the development of biodiversity,” said Mastropieri.
“We are already prepared to start with the construction of 200MW plants. (These are) the first steps of a roadmap that will take us from now until 2029 to a park of about 80 plants, both production and storage, for about 1.7GW.
“We expect to produce about 2.8 GWh of clean energy in 2029, about 2GWh from plants 100% owned and operated by us.
“We will do this by investing in our sustainable agri-voltaic formula, which we have tested and studied in important pilot plants in eastern Sicily thanks to scientific collaboration with the University of Catania.
“We have demonstrated that crops under the panels need less irrigation. At the same time, we can utilise otherwise idle areas, supporting the development of biodiversity and opening up spaces to the public.”
The company also plans to build 13 plants in Emilia-Romagna, each producing 170MWp. Five of these are in the province of Bologna (two in Budrio, two in Sala Bolognese, and one in San Giovanni in Persiceto), each producing about 70MWp.
The development plan from now until 2026 envisages investments totalling more than €300m, more than 200MW of proprietary plants, and a strong involvement of local companies. It is expected that the construction and operation of the new plants will generate 450 jobs in the national panorama.