Italian energy transition company Edison and the KGAL ESPF 4 fund have entered into a power purchase agreement (PPA) to build a photovoltaic (PV) plant in Lazio, Italy.
KGAL ESPF 4 is the renewable energy fund of German investment manager KGAL.
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Under the terms of the agreement, KGAL will handle the asset’s construction and manage operations and Edison will collect all of the renewable energy produced from the process. The agreement carries a ten-year term.
The facility will have an installed capacity of approximately 150MW and is said to become one of the largest PV factories in the country.
It is expected to generate roughly 240GWh annually, saving more than 100,000 tonnes of CO₂ equivalents from being emitted into the environment every year.
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Edison Gas & Power Portfolio Management Optimisation executive vice-president Fabio Dubini said: “Thanks to this agreement we have made it possible to create a strategic infrastructure for the energy transition and the achievement of the 2050 decarbonisation targets.”
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By GlobalData“We at Edison have an important organic development plan to increase green installed capacity from the current 2GW to 6GW by 2030, accompanied by the goal of increasing renewable production to 40%.”
The plant is expected to become operational in the second half of next year.
Edison will collate the acquired generated energy and make it available to its consumers via a multiyear supply deal.
KGAL Project Implementation Sustainable Infrastructure head Katrin Werner said: “Italy is one of the most important markets in our European renewables portfolio. The country scores with strong solar radiation, windy regions, and a political will to drive the expansion of renewable energy.”
