Eni and CDP Equity plans to develop renewable energy assets in Italy

Business Energy

The world of renewable energy sources is the place to invest in now and in the future. Why is that? For months, business experts claim that this industry will take businesses to a higher level while it slowly kills oil companies. About a decade ago, climate organizations and environment-conscious bodies, after a well-researched study, spoke of the planet’s future with the extensive use of oil and excessive carbon emissions. Some companies heed the advice to come up with ways to clean the environment, while others were stagnant for years.

Recently, the renewables industry has been making gradual progress, and the private and public sectors work hand in hand to save our planet. This detail explains the recent joint ventures and partnerships aiming at decarbonizing the earth. A recent report shows many companies, especially in Europe, venturing into different areas that result in the same thing, cleaning the world.

On 12th March, Eni, an Italian Oil Company, and CDP Equity joined the venture to renewable energy. They established a partnership to take up a joint venture targeting a 1GW development of renewables in Italy by 2025. This newly-formed venture is popularly known as the GreenIT, and its primary focus will be developing, building, and managing renewable power plants all over Italy.

The agreement will include several types of development plans such as building new renewable plants, repowering the running plants, and enhancing the CDP Group real estate business. Its development team is working on making a more than $953 million cumulative investment in the next five years. At first, GreenIT’s primary focus is on wind power plants and the photovoltaic.

Pierpaolo Di Stefano, CDP Chief Investment Officer, and CEO spoke of GreenIT and all the plans they have to make the world a better place. Stefano explained that the founding of GreenIT is a realization of a dream and part of a further project in the CDP business plan to assist in the energy transition and dealing with climatic changes. With that, the company can be part of the United Nations 2030 goal’s sustainable development goal.

Collaborating with Eni will offer CDP Equity a chance to work from the system’s perspective, targeting the renewable energy sector’s positive impact. When the two companies are co-inventing, they can build a model to achieve the sustainability goal and help the country real its target on the energy sector and climate plan. The shares of GreenIT are co-owned by the two companies, where Eni has the controlling shares of 51% while CDP Equity has the remaining 49%. In an interview, Giuseppe Ricci, Eni Energy Evolution manager, spoke of the venture as part of its strategy to impact energy transition towards green energy.

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