European Energy has divested two solar farm projects in Italy to Sosteneo SGR S.p.A., acting on behalf of clients (“Sosteneo”). The total capacity of these renewable energy projects is 231 MW, and both are located in Sicily.
The first agreement, concerning a 68 MW solar farm in Ramacca covering an area of 135 hectares, was closed in September. The second agreement, for a 163 MW solar farm in Mineo, was finalized on November 20th.
The agreements stipulate the acquisition by Sosteneo of 100% of the shares of the Ramacca solar farm and 50% of the shares of the Mineo solar farm. Sosteneo and European Energy will jointly construct and operate the Mineo PV plant on a 50/50 partnership basis.
Once fully operational, these solar farms will be able to produce 327 GWh of electricity annually, sufficient to power more than 120,000 European households. This will contribute to the Italian green deal, helping to avoid the emission of over 150,000 tonnes of CO2 annually compared to fossil fuel usage.
– We are very proud to have concluded this agreement with Sosteneo. This demonstrates European Energy’s ability to develop projects which are attractive for the leading investors in the Italian renewable energy market, says Alessandro Migliorini, Director and Country Manager of Italy at European Energy.
– Italy is and will continue to be a key market for European Energy’s global development. Today’s agreement with Sosteneo further incentivizes us to continue our investment strategy in the country, developing solar, wind and storage in all key regions of Italy, says Thorvald Spanggaard, Executive Vice President and Head of Project Development at European Energy.
Authorization and development rights for these renewable energy projects have been obtained. As with all European Energy projects, particular attention has been given to the entire design phase. The selection of the most up-to-date photovoltaic technologies, suited to the landscape, will maximize clean energy production.
European Energy was assisted in the transaction by legal advisor Green Horse and technical advisor EOS.