Greenit Secures €370M To Advance Renewable Energy Projects In Italy

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 11. GreenIT, the Italian joint venture between Plenitude (an Eni-controlled company) and CDP Equity (part of CDP Group), has finalized a project finance agreement worth 370 million euros to support its renewable energy portfolio, Trend reports.

The financing, structured in line with the Green Loan Principles, will provide long-term resources for the development of new greenfield onshore renewable projects across Italy. Construction is expected to be completed by 2028, consistent with GreenIT's industrial plan, which aims to reach 1 GW of installed renewable capacity by 2030.

Paolo Bellucci, CEO of GreenIT, said the deal marks an important milestone in strengthening the company's financial position.“The completion of this strategic transaction strengthens GreenIT's financial structure, providing new resources to support the investments planned for the next few years by our ambitious industrial plan. The strong confidence shown by the lending institutions reinforces GreenIT's strategic vision to play a key role in Italy's energy transition,” he noted.

The European Investment Bank (EIB) contributed 220 million euros to the financing package, including 180 million euros in direct loans and 40 million euros through financial intermediaries. The remaining funding was provided by leading European banks, among them BNP Paribas – Italian Branch, Crédit Agricole Corporate & Investment Bank – Milan Branch, ING Bank N.V. – Milan Branch, and Société Générale – Milan Branch.

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