Cassa Depositi e Prestiti, the operational and financial arm of the Italian state, has decided to invest in the new company called GreenIT with a partner with great experience in the world of energy such as ENI.

The focus of the new company is to produce clean energy through the wind and solar sector to reduce dependence on fossil fuels, through an investment of 800 million euros over the next 5 years, creating an installed capacity target of 1,000 MW .

According to information from Eni, the company with CDP Equity have established GreenIT, a new joint venture for the development, construction and management of plants for the production of electricity from renewable sources in Italy.

GreenIT, 51% owned by Eni and 49% by CDP Equity, has the aim of producing energy mainly from photovoltaic and wind plants with the aim of reaching an installed capacity of approximately 1,000 MW by 2025, with cumulative investments over the five-year period for over €800 million.

The resources will be used on various lines of intervention which include the development and construction of greenfield plants, also through the valorisation of the real estate assets of the CDP Group and the Public Administration, the repowering of plants at the end of their useful life and the construction of authorized projects.

The establishment of GreenIT is part of the strategy aimed at supporting the country's energy transition, increasing the production of renewable energy, in line with the objectives set by the Integrated National Energy and Climate Plan 2030.

The CEO of CDP Equity and Chief Investment Officer of CDP, Pierpaolo Di Stefano , commented: “The birth of GreenIT is the realization of a further project envisaged by the Cassa Depositi e Prestiti Industrial Plan to encourage the energy transition and combat the climate change, contributing to the achievement of the sustainable development goals of the United Nations 2030 Agenda.

The collaboration with Eni will allow us to work - from a system perspective - on the development of projects with positive impacts on the territories for the production of energy from renewable sources, in order to build a model increasingly oriented towards sustainability and support the country in achieving the targets defined by the National Integrated Energy and Climate Plan.

Giuseppe Ricci, General Director of Eni's Energy Evolution, said: “This new joint venture fits into Eni's strategy for the energy transition and contributes to the acceleration of our transformation path towards green energy and renewables.

From this perspective, thanks to the partnership with Cassa Depositi e Prestiti, our commitment to decarbonisation becomes increasingly concrete: to achieve the objectives of the United Nations 2030 Agenda it is essential to create a system at country level and share investment opportunities and know-how”.

Eni and CDP Equity are related parties. Both companies have applied their own internal procedure on the matter.

Who is ENI?

Eni is an energy company present in 66 countries around the world that employs around 32,000 people. The company operates in oil and gas exploration, development and production, refining & marketing, trading and shipping, chemistry, renewable energy and innovative solutions in the circular economy.

Eni's mission is inspired by the United Nations 2030 Agenda and these values are reflected in its business model, which is in turn based on three long-term pillars: carbon neutrality, operational excellence and the creation of alliances for local development. Decarbonisation is an integral part of the strategy and objectives of the company which positions itself as a leader in the energy transition with the aim of achieving zero net emissions by 2050.

Who is CDP Equity?

CDP Equity is an investment holding company of the Cassa Depositi e Prestiti Group, which aims to invest risk capital in companies of significant national interest and in companies in economic, financial and capital equilibrium, with adequate profitability and development prospects, suitable for generating value for investors.

CDP Equity also owns majority and minority stakes in some asset management companies specialized in various fields.