Stockholm (NordSIP) – Capital Dynamics announced a partnership with EOS Investment Management to jointly acquire the rights to build three new solar projects in Italy. The investment will contribute to the expansion of renewable energy and decarbonisation in Southern Europe and reportedly contribute to 5 of 17 of the UN Sustainable Development Goals (SDGs).
According to the asset managers, the three sites represent one of the largest Italian solar photovoltaic (PV) projects under development to operate fully without any public subsidies. The projects benefit from a long-term power-purchase agreement and will offer employment opportunities for over 100 workers during the construction phase and a further 20 individuals while in operation, utilizing local resources whenever possible.
“This transaction firmly positions us as one of the largest investors in grid parity projects in southern Europe, which are designed to provide predictable cash flows without the need of government support,” says Dario Bertagna, Director of Capital Dynamics’ European Clean Energy Infrastructure team. “With long-term contracted off-take and strong ESG credentials, these three projects are a great addition to our growing portfolio of solar power in Europe. We are pleased to partner with EOS IM, whose significant knowledge and expertise in the Italian market will help us to accelerate construction and create new jobs that support the local economy, particularly during these challenging times.”
Construction has already begun, and once operational, these projects will have a combined total generating capacity of 87 MW, equivalent to the annual requirements of 63,000 households, according to the regional authority for the energy and the environment. The investments were conducted via Capital Dynamics’ Clean Energy Infrastructure (“CEI”) and the new EOS ReNewable Infrastructure Fund II invest in carbon-reducing renewable energy power generation, and the acceleration of subsidy-free renewable in Europe.
“This project represents an important milestone for the EOS IM Energy Infrastructure team and the broader renewables energy market,” says Giuseppe La Loggia, Managing Partner of the EOS IM Group Energy Infrastructure. “We are very happy to have established a strategic cooperation with Capital Dynamics – one of the global leaders in this market and with whom we share an investment discipline combined with great attention towards sustainability and corporate responsibility. Indeed, we are very honoured Capital Dynamics has decided to join EOS IM in this strategic investment.”
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