Verbund buys 250 MWp of PV projects in Italy

Austrian energy company Verbund AG (VIE:VER) has unveiled a cooperation agreement with PV-Invest Group to acquire a photovoltaic (PV) project portfolio of up to 250 MWp in Italy.

Under the agreement, PV-Invest will build the plants for Verbund over the next three years. The value of the deal, which will see the Austrian firm set foot in the Italian market, remained undisclosed.

The transaction encompasses a pipeline of up to 45 greenfield solar PV plants, including agri-PV schemes, situated over more than 300 hectares in the region of Apulia in southern Italy. All of the projects have an individual capacity of less than 10 MWp. The portfolio is still in the approval phase with most facilities expected to go online by the end of 2024.

The Austrian firm highlighted in the statement that there is no investment commitment in relation to the assets at this stage and a final decision will be made when the projects are ready to build which is expected to occur from the third quarter of 2023 up to mid-2024.

The transaction supports Verbund’s push to grow its renewables business and plan to produce about 20% to 25% of its electricity from PV sources and onshore wind power plants by 2030. The company's current solar portfolio includes four parks, among them the 147.6-MWp Verbund Pinos Puente solar farm in southern Spain.

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