119 MWp of solar power are going to be installed in Italy by the end of 2022. Sicilian company Green Future Srl, specialized on environmental issues and the development of solar projects, signed on March 25th an agreement with German renewables firm Blue Elephant Energy AG (BBE) to jointly work on the development of a 119-MWp photovoltaic (PV) portfolio in Italy, including six projects in Sicily.
Blue Elephant, which mainly focuses on countries in Western Europe, has 1.104 MW of solar and wind assets in operation and under construction in its portfolio. The German company, during the signing of the collaboration, was assisted by law firm Watson Farley & Williams (WFW). WFW’s team was led by WFW Italy partner and head Eugenio Tranchino together with consultant Luca Sfrecola and associate Anthony Bellacci.
The joint development agreement provides that the project will be completed by the end of 2022 creating a solar PV portfolio that will contribute to a reduction in global CO2 emissions of approximately 87,000 tons. Also, it is estimated that, once completed, the plants could support the annual electricity consumption of approximately 78,000 households.
“Due to very competitive project development costs in combination with a particularly attractive PPA market and electricity price environment, we will be able to expand our existing portfolio at very attractive conditions,” said Tim Kallas, Chief Investment Officer of Blue Elephant, adding that some landowners involved in these six projects are already collaborating with the company on other plans.
Italy is still among the few countries in which the level of annual solar PV installations remains below 1 GW of power. In comparison, in 2020 Germany installed 4.8 GW, Spain 2.6, the Netherlands 2.4 and Poland 2.2. It is necessary to overcome any skepticism that still exists on these plants and to encourage coexistence between photovoltaics and agriculture with solutions that can facilitate the joint development of the two sectors also through the revamping and repowering of existing plants. The agreement with the German company can bode well for the future of renewable energy.