Green Genius forms Italian JV to build 500 MW of solar farms

Lithuanian renewables developer Green Genius said on Monday that it has set up a joint venture (JV) with Eiffel Investment Group’s new infrastructure fund to put up 500 MW of solar farms in Italy.

Eiffel Transition Infrastructure, which the French group founded to provide equity bridge financing for renewable energy assets in Europe, acquired a minority stake in the JV. The fund will also invest up to EUR 15 million (USD 16.5m) initially to support the development of the Italian portfolio and provide additional funding for the projects during the construction stage.

The projects are located mainly in Puglia and Sardinia. Green Genius said that it will be responsible for bringing the projects to the permitting phase, while Eiffel will provide equity financing for the permitting phase.

Green Genius will lead the development process until the projects are shovel-ready. Construction is planned to commence by the end of 2023, the Lithuanian firm said.

The new JV expands the cooperation between Eiffel Investment Group and Green Genius, having been partners on solar photovoltaic projects in Poland, Italy and Spain since 2019, the press release reads.