Iren, through the subsidiary Iren Green Generation, has signed a contract with European Energy to acquire two ready-to-build solar projects in Italy.
The two photovoltaic plants will have a combined capacity of 38.87MWp and will be located in the municipality of Tuscania.
This deal is part of the commercial agreement, signed in January 2022, which establishes a partnership between European Energy and Iren on a pipeline of 437.5MWp of photovoltaic projects in Italy.
The value of the shares acquired by Iren in the two SPVs (holders of authorizations) is €4.1m euros.
The operation is carried out through the subscription of a capital increase entirely dedicated to Iren.
The plants, once in operation thanks to an additional investment of €31m, will generate an overall average EBITDA expected in the next 3 years of approximately €6.6m per year thanks to an expected annual production of 60 GWh.
Iren president Luca Dal Fabbro said: “Developing new renewable capacity is not just an industrial objective for Iren but it assumes a national strategic value, even more so today in the complex context of crisis we are experiencing and to face which renewable sources are confirmed as an important part of the solution in the medium-long term and to ensure energy security and competitiveness.”