Plenitude has acquired a 65% stake in Infrastrutture’s subsidiary Hergo Renewables, which currently has a 1.5GW project portfolio in the two countries.
Infrastrutture CEO Pier Francesco Rimbotti said: “The synergies with Plenitude will enhance our know-how, as well as the portfolio of projects that we have built up in Italy and Spain over our 30 years of experience in the sector, and which we plan to expand further.
“We are happy to consolidate our contribution to the deployment of quality renewable projects, an effective measure in the fight against climate change and a sustainable supply diversification tool.”
Infrastrutture will retain the remaining 35% stake in Hergo Renewables.
The first solar photovoltaic plant developed under the agreement will be located in the Montalto di Castro region and have 37MW of capacity.
Construction works at the site will begin in the coming weeks and the solar facility is expected to come online in the second half of next year.
Plenitude CEO Stefano Goberti said: “With this partnership, we are adding an important development platform to our portfolio in order to boost our ability to generate energy from renewable sources for our customers across Italy and Spain.
“The development of the wind and photovoltaic sectors is key to our growth strategy, which aims to reach more than 2GW of installed capacity from renewable sources by the end of 2022, scaling up to over 6GW by 2025 and over 15GW by 2030.”
Plenitude aims to become carbon-neutral by 2040 and supply fully decarbonised energy to all its customers.
In April this year, the company agreed to invest in Spanish floating wind technology developer EnerOcean.