Iren acquires two ready-to-build solar projects in Italy

Iren has entered into a partnership with European Energy to acquire two ready-to-build solar projects in Italy.

The company signed a contract through the subsidiary Iren Green Generation.

It informed that the two photovoltaic plants will have a combined capacity of 38.87MWp. The project will be based in the municipality of Tuscania.

According to the companies, this agreement is followed by the commercial agreement signed earlier this year. The duo has agreed for a partnership on a pipeline of 437.5MWp of photovoltaic projects in Italy.

Iren president Luca Dal Fabbro was quoted in a statement, "Developing new renewable capacity is not just an industrial objective for Iren but it assumes a national strategic value, even more so today in the complex context of crisis we are experiencing and to face which renewable sources are confirmed as an important part of the solution in the medium-long term and to ensure energy security and competitiveness."

According to the company, following the operation, the plants will “generate an overall average EBITDA expected in the next 3 years of approximately €6.6m per year.”

This has been possible due to an additional investment of €31 million, the company said.