Verbund AG enters Italy with 250 MWp Solar PV Project

Verbund AG has announced that its Executive Board has approved the company’s market entry into the Italian market. Verbund AG has signed a cooperation agreement with the PV-Invest Group for the acquisition of a project development company including development of a solar photovoltaic (PV) project portfolio of up to 250 MWp.

Verbund said that the acquisition of the project is not contractually linked to an investment decision as yet, which will only be made when the projects are ready to build and is contingent on the profitability criteria of Verbund continuing to be met.

The official statement of Verbund held that the project portfolio consists of a pipeline of up to 45 greenfield solar PV installations in the region of Apulia in southern Italy. Part of the pipeline comprises Agri-PV projects that will allow for even more sustainable energy generation. The project portfolio is still in the approval phase. All of the projects have a capacity of less than 10 MWp. The projects from the portfolio will gradually achieve ready-to-build status starting in quarter 3/2023 up to mid-2024, with the majority coming on stream by the end of 2024.

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By implementing its Mission V programme, Verbund said its striving for significant growth in the field of new renewables. The company’s plan is to produce approximately 20–25% of its electricity from photovoltaic sources and (onshore) wind power plants by 2030 which corresponds to an installed capacity of 3,800 MW. Verbund has an objective to spread its risk through regional differentiation.

Following The Spanish Acquisition

The Italian expedition follows the successful entry of Verbund in the Spanish market in May, 2022. The firm acquired a regulated and operational PV portfolio in Spain having a total installed capacity of 82 MWp. Furthermore, the acquisition also included an extensive development platform (wind and PV), together with its development team.

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Approximately 2,100 MW of this platform is at an advanced stage of project development, while around 2,400 MW are greenfield projects. 100% of the stakes in the said portfolio have been acquired by Verbund and the acquired projects were located across Spain.