GreenIT secures €370 million project finance agreement to fund 1GW renewable energy capacity by 2030

GreenIT, primarily known for sustainable IT infrastructure, is making a significant strategic move into large-scale renewable energy generation, securing €370 million in project finance to develop 1GW of solar and onshore wind assets across key European markets, specifically Italy, by 2030. This capital infusion allows GreenIT to vertically integrate its operations, potentially securing long-term, clean power for its energy-efficient data centers or selling power to the grid, thereby diversifying its revenue streams beyond IT services. The long-term development horizon until 2030 suggests a phased deployment strategy for the 1,000 MW capacity, allowing for market adjustments and technology advancements. This financing structure provides GreenIT with the necessary capital runway to execute its ambitious renewable energy expansion plan. The €370 million project finance is backed by a strong syndicate of European lenders, indicating support for Italy's renewable sector and GreenIT's execution capabilities. BNP Paribas' Italian Branch, leveraging its parent's €2.6 trillion AUM, joins Crédit Agricole CIB's Milan Branch, ING Bank N.V.'s Milan Branch, and Societe Générale's Milan branch, part of a €1.5 trillion asset group, all providing significant corporate and project finance expertise in Italy. The European Investment Bank's participation aligns with its mandate to finance EU policy objectives, including sustainable development, providing a policy-driven layer of support for the project. Plenitude, an Eni company focused on integrated energy solutions and renewable generation, is listed as an investor, suggesting a strategic equity partnership or off-take agreement that complements GreenIT's development and provides a clear route to market for the generated power in Italy and potentially broader European markets.