Eiffel Investment Group and Green Genius team up to complete 500 MW of solar in Italy
Renewable energy company Green Genius and newly established fund Eiffel Transition Infrastructure, managed by Eiffel Investment Group, set up a joint venture to develop and build together 500 MW solar park portfolio in Italy. Through this joint-venture, Eiffel will invest initially up to 15M€ to support the development of this portfolio and additional funding to be dedicated for supporting the projects during the construction stage.
Setting up this new joint venture is a continuation of the relationship between Eiffel Investment Group and Green Genius, who have been partnering up since 2019 on photovoltaic projects in Poland, Italy and Spain.
Through this new transaction, Green Genius will bring 500 MW of projects in Italy (mainly Puglia and Sardinia) to the permitting phase and Eiffel will finance this critical phase to obtain the necessary permits and authorisations through equity financing. Green Genius will lead the development process until the projects are ready for construction. Construction is then planned to start by the end of 2023.
This new solution is offered by Eiffel Transition Infrastructure1, an innovative fund designed to provide equity bridge financing for renewable energy infrastructure assets in Europe and launched in 2022 by the French asset manager.
By signing this agreement Eiffel’s fund acquired a minority stake in the joint venture and will support projects development and construction. Once operational, these projects should supply enough renewable electricity for more than 90,000 households, contributing to avoid the emission of the equivalent of 330,000 CO2 tons per annum2.
“Green transformation in Europe requires significant amounts of capital in versatile forms. This innovative capital solution offered by our partner brings flexibility and opens new opportunities in a complex process of developing renewables. Italy is one of our key markets where the company has already successfully developed projects in the past ”, says Rokas Bancevičius, CFO of Green Genius.
Pierre-Antoine Machelon, head of Infrastructure at Eiffel, states: “This investment is the result of a long-standing collaboration with Green Genius with whom we are very pleased to partner on this new platform. This is the second investment in our equity strategy launched in November 2022 to accelerate the development of renewable projects in Europe through the Eiffel Transition Infrastructure fund.”
Green Horse Legal Advisory and NautaDutilh N.V. acted as legal and tax advisors to Eiffel Investment Group.
Meanwhile, Walless acted as advisors to Green Genius.
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