GreenGo, a renewable energy utility-scale plants developer has announced securing €32.6 million ($35.5 million) in financing from Intesa Sanpaolo, a prominent Italian international banking group, to support the construction of eight photovoltaic plants across Calabria, Sicily, and Marche. This funding is part of the bank’s €8 billion commitment to supporting Italy’s circular economy, with a focus on renewable energy initiatives under the National Recovery and Resilience Plan (PNRR).
GreenGo will develop solar facilities with a total capacity of 41.8 MW. These new plants will be strategically located across key regions in Italy, including four plants in Calabria providing 22.8 MW, three plants in Sicily with a capacity of 13.7 MW, and a single plant in Marche producing 5.3 MW. These projects bring together a diverse commercial portfolio: 47% of the power is secured through Corporate PPAs with Sasol Italia Spa, 17% through incentive tariffs from the GSE, and 36% via a full merchant model. All plants are currently under construction and expected to be operational by mid-2025.
This financing represents a significant step forward in GreenGo’s growth as an Independent Power Producer (IPP). With a strategic development plan targeting over €300 million in investments by 2026, GreenGo is set to expand its renewable energy portfolio with more than 350 MWp in solar, wind, and storage capacity. These new projects will play a key role in advancing Italy’s green transition, creating over 500 jobs and supporting a renewable energy pipeline that now exceeds 1,800 MW across various stages of development.
GreenGo CEO, Giuseppe Mastropieri said, “This transaction represents the beginning of a new phase for GreenGo as we solidify our position as an IPP. After securing financing for our first 42 MW, we are now on track to develop an additional 40 MW of solar capacity, setting us on course to achieve our 2025 target of 250 MW in authorised projects. The support from Intesa Sanpaolo underscores the strength of our business model and the ability to foster collaboration between SMEs and financial institutions in driving the green economy.”
Alessandra Florio, Regional Director for Emilia-Romagna and Marche at Intesa Sanpaolo added, “Our partnership with GreenGo supports the development of an efficient circular economy model that fosters energy sustainability. Intesa Sanpaolo is committed to providing the resources and tools businesses need to capture both immediate and long-term sustainability opportunities. In Emilia-Romagna alone, we have disbursed €1.5 billion to support environmental and social sustainability investments.”
The transaction was facilitated by Intesa Sanpaolo’s Banca dei Territori Division, in collaboration with the IMI Corporate & Investment Banking Division and the Circular Economy Desk at Intesa Sanpaolo Innovation Centre. This investment reflects the bank’s commitment to fostering a sustainable circular economy, highlighting the vital role of renewable energy projects in achieving Italy’s environmental goals.