Iren grows in renewables, buys photovoltaic plants in Puglia for 121.5 mw

Iren grows in renewables. In recent days, the company signed a binding agreement for the acquisition from European Energy of 100% of the shares of Puglia Holding Srl, through its subsidiary Iren Energia. The company Puglia Holding Srl in turn fully controls 5 Special Purpose Vehicles holders of the various authorizations for the construction and management of the photovoltaic parks of Asi Troia located in the localities of San Vincenzo and Montevergine in the province of Foggia and of the complex of Palo located in the Province of Bari. The Asi Troia plants were built between 2019 and 2021 and have an installed capacity of 103 MW making it the largest photovoltaic park built in Italy to date; the Palo plants have an installed capacity of 18.5 MW and are in the process of being finalized. Overall, the plants allow electricity production of approximately 180 GWh per year and approximately 50% of the volumes generated benefit from a “feed in” tariff for 20 years. The Puglia Holding transaction has an enterprise value of 166 million and an expected medium-term ebitda of fully operational photovoltaic plants of approximately 15 million euros. The closing of the transaction is expected in the first quarter of 2022 and provides for possible price adjustments relating, essentially, to the net financial position and working capital and upon the occurrence of certain contractual conditions regarding the performance of the Palo plant. Together with the Puglia Holding Srl transaction, Iren Energia and European Energy have entered into a commercial agreement on the development pipeline of European Energy, equal to a total of 437.5 MWp distributed over four sites in Lazio, Sicily and Puglia, of which 38.8 MWp already authorized, which provides for the possibility for Iren Energia to invest, in an exclusive period and at various stages of development, in the pipeline by exercising certain rights. The transaction allows the Iren Group to grow in the renewables sector, in particular in the photovoltaic sector, and is fully part of the strategic investments for the ecological transition outlined in the Business Plan, in which the target of new renewable installed capacity by 2030 is 2 , 2 GW. “The acquisition of the largest photovoltaic park in Italy – comments Renato Boero, President of Iren – allows the Group to grow in the renewable energy sector, supporting the commitment to reduce carbon emissions set out in the latest industrial plan. We are confident that we will be able to conclude further transactions of this type in the coming months, accelerating the decarbonisation process of our activities ”. “In the current context of high volatility of the energy scenario – declares Gianni Vittorio Armani, Chief Executive Officer and General Manager of Iren – increasing the production of electricity from renewable sources allows us to be more competitive, offering a sustainable product at advantageous prices for our clients. The partnership agreement with European Energy aims at further plant development, accelerating the achievement of the targets highlighted in the Industrial Plan with the aim of bridging the gap between the demand for green energy by our customer base and production volumes through the increase in renewable capacity “