In a significant move to bolster Italy’s clean energy ambitions, GreenIT, the joint venture between Eni’s Plenitude and CDP Equity, has secured €370 million in project financing to develop a new portfolio of onshore renewable energy projects across the country. This investment marks a major step toward the company’s goal of reaching one gigawatt of installed renewable capacity by 2030.

Strengthening Italy’s Green Infrastructure

Launched in 2021, GreenIT is a strategic partnership with a clear mission: to develop, build, and operate solar and wind power plants throughout Italy. Plenitude, Eni’s integrated energy company, holds a 51 percent stake in the venture, while CDP Equity, part of the Cassa Depositi e Prestiti Group, owns the remaining 49 percent. Their combined focus includes both new greenfield developments and the repowering of existing infrastructure, often on land associated with the CDP Group or public sector entities.

This latest round of financing will provide GreenIT with long-term capital to support a new wave of photovoltaic and wind energy projects, all expected to be completed by 2028. The financing has been structured according to Green Loan Principles, aligning with international standards for environmentally sustainable investments.

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A Vote of Confidence from European Institutions

The funding round received strong backing from several prominent financial institutions, signaling deep confidence in GreenIT’s vision and execution capabilities. The European Investment Bank played a leading role, contributing €220 million, which includes €180 million in direct loans and €40 million in funding routed through intermediary financial partners.

Additional support came from a consortium of major European banks. BNP Paribas’ Italian branch, Crédit Agricole’s corporate and investment division in Milan, and ING Bank N.V. all played key roles in structuring and supporting the transaction.

A Strategic Milestone in Italy’s Energy Transition

For GreenIT, this transaction is more than just a capital raise, it is a strategic inflection point. CEO Paolo Bellucci underscored the significance of the deal, noting that the financing enhances the company’s ability to execute its industrial plan with speed and confidence.

“This transaction strengthens GreenIT’s financial structure and provides new resources to support the investments planned for the next few years,” Bellucci said. “The strong confidence shown by the lending institutions reinforces our strategic vision to play a key role in Italy’s energy transition.”

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Meeting Italy’s 2030 Climate Targets

Italy’s broader energy transition strategy hinges on a dramatic scale-up of renewable capacity over the coming decade. GreenIT’s goal of achieving one gigawatt of installed capacity by 2030 represents a substantial contribution to that national effort.

With the latest funding now in place, GreenIT is well-positioned to deliver clean energy at scale, while also leveraging public-private synergies to accelerate project development. The company’s alignment with EU climate targets and financing standards ensures that its projects not only contribute to emissions reductions but also attract sustainable capital from Europe’s leading institutions.

As Italy navigates its path toward decarbonisation, GreenIT’s growing portfolio stands as a testament to the power of public-private collaboration and strategic vision. With construction on track for completion by 2028, the venture is poised to become a key pillar of the country’s clean energy future.

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