Eni and CDP Equity have formed GreenIT, a new joint venture (JV) with cumulative investments amounting to over € 800 million in five years, for the development, construction, and management of plants, targeting the production of electrical power from renewable sources in Italy, a press release on the website of Eni cited.

According to the statement, GreenIT, 51% of which owned by Eni and 49% owned by CDP Equity, will produce energy mainly from photovoltaic and wind power plants to reach an installed capacity of approximately 1,000 MW by 2025.

Additionally, GreenIT is to support Italy to increase renewable energy generation, in line with the objectives set by the 2030 Integrated National Energy and Climate Plan.

The CEO of CDP Equity and Chief Investment Officer of CDP, Pierpaolo Di Stefano, commented on the newborn deal saying “The birth of GreenIT is the realization of a further project envisaged by the Business Plan of Cassa Depositi e Prestiti to aid the energy transition and contrast climate change, contributing to the achievement of the sustainable development goals of the United Nations 2030 Agenda.”

For his part, Giuseppe Ricci, General Manager of Eni’s Energy Evolution, said: “This new joint venture is part of Eni’s strategy for the energy transition and contributes to the acceleration of our transformation process towards green energy and renewable sources.”