GreenIT approves new 2023-2027 Business Plan with €1.7 billion investment targeting 1,000 MW renewable capacity

GreenIT has committed €1.7 billion to develop 1,000 MW of new renewable capacity in Italy by 2027, a substantial capital allocation for domestic energy transition. This development plan, announced on April 6, 2023, positions GreenIT to expand its generation portfolio by 1 GW within four years. The investment targets greenfield renewable assets, directly contributing to Italy's energy independence and decarbonization goals. This capital deployment demonstrates a clear strategy to build out utility-scale renewable generation rather than acquiring existing assets. The €1.7 billion allocation for 1 GW of capacity suggests a focus on efficient project execution and scale within the Italian market. The investment aligns directly with the mandates of its key stakeholders. Plenitude, an Eni company, extends its integrated energy solutions by adding substantial renewable generation capacity in Italy, complementing its existing electricity and gas offerings across Europe. CDP Equity, managing an approximately €10 billion portfolio, supports a strategic Italian company in the infrastructure sector, consistent with its role as Italy's national promotional institution. GreenIT, while known for sustainable IT infrastructure, is now directly developing 1,000 MW of renewable capacity, indicating a broader strategy to integrate and potentially self-supply its computing facilities or contribute to the national grid. This €1.7 billion development plan by GreenIT represents a concerted effort by Italian entities to accelerate domestic renewable energy deployment.