Italy's Eni, CDP Equity form renewables JV targeting 1 GW

Oil and gas company Eni SpA (BIT:ENI) announced on Thursday that it has set up a 51/49 joint venture with CDP Equity SpA to add 1 GW of renewables in Italy by 2025.

The new firm, called GreenIT, will invest more than EUR 800 million (USD 957m) over the five-year period in the development, construction and management of renewable energy plants, mainly solar photovoltaic (PV) parks and wind farms. Investments could be made in enhancements to CDP Group-owned real estate assets and other greenfield projects, as well as repowerings.

"This new joint venture is part of Eni's strategy for the energy transition and contributes to the acceleration of our transformation process towards green energy and renewable sources,” commented Giuseppe Ricci, General Manager of Eni’s Energy Evolution.

CDP Equity is a holding company of state-controlled Cassa Depositi e Prestiti Group. It invests in companies of significant national interest.

(EUR 1.0 = USD 1.196)

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