Domestic EU solar parts constructors have struggled to compete with cheap imports from China. Credit: European Energy.

Danish renewables developer European Energy has offloaded a 50% stake in its 163MW solar farm in Italy to Italian asset management company Sosteneo.

The ready-to-build solar farm in Mineo, Sicily, will occupy 382 hectares (ha) of land and generate 350 gigawatt-hours of clean energy, enough to power 80,000 households while avoiding 98,000 tonnes (t) of CO₂ emissions annually.

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The photovoltaic technologies in the solar plant will maximise energy generation.

The deal follows European Energy’s sale of a ready-to-build 68MW Italian solar plant planned for 135ha of land in Ramacca, Sicily, to Sosteneo in September 2023.

Financial terms of the two deals were undisclosed. Both will be executed by Sosteneo on behalf of its clients.

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The two plants will jointly generate clean energy for more than 120,000 households and contribute 150,000t of carbon savings annually.

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The transactions demonstrate Sosteneo’s strategy of investment in greenfield projects that help expedite energy transition in markets where it has experience.

European Energy Italy director and country manager Alessandro Migliorini stated: “We are very proud to have concluded this agreement with Sosteneo. This demonstrates European Energy’s ability to develop projects that are attractive for the leading investors in the Italian renewable energy market.”

European Energy executive vice-president and project development head Thorvald Spanggaard stated: “Italy is and will continue to be a key market for European Energy’s global development. Today’s agreement with Sosteneo further incentivises us to continue our investment strategy in the country, developing solar, wind and storage in all key regions of Italy.”