CDP Equity
Energy

Green IT

  • Status Active
  • CDP Equity Start of the investment 23/02/2021
  • CDP Equity Investment size € 5.4 mln
  • CDP Equity Shareholding 49%

Overview

Green IT’s mission is to support Italy’s energy transition by promoting sustainable development by means of renewable energy. The company, 51% owned by Eni and 49% by CDP Equity, will create and hold electricity production plants using renewable sources, also by making use of real estate and abandoned or underutilised areas of the Public Administration ("PA").

Rationale

Green IT’s business plan includes photovoltaic (onshore and offshore) and wind (onshore and offshore) greenfield, ready to build and M&A brownfield type initiatives, with the aim of achieving at least 1 GW of installed capacity in 2025, with a cumulative investment over a five-year period of more than € 800 mln. Eni and the CDP Group, a partner in the operation, will provide their expertise. CDP will facilitate the use both of its real estate and that of the Public Administration and will provide support in accelerating the authorisation procedures, also as part of the discussions with the PA and the region. It will also support external growth nationally by attracting third-party development projects. Eni will provide its know-how for the design, implementation and management of the plants. Thanks to the high esteem in which the CDP-Eni partnership is held, it will be possible to benefit from bilateral trade with counterparties.

Objectives

The expected benefits of the Green IT activity concern both the region and the entire country. The region will allow the use of areas not currently being used to reconvert them also by installing renewable energy plants, it will support the achievement of regional climate objectives, it will offer new possibilities to stimulate local related industries and there may possibly be compensatory works. Looking at the whole country, it will help to achieve the Italian production of renewable energies target scheduled for 2030 by the Integrated National Plan for Energy and the Climate 2030 (PNIEC) and will enable the use of publicly-owned real estate assets and will generate new job opportunities.