Italy's Eni, CDP form joint venture to invest 800 million euros in renewable energy

FILE PHOTO: The logo of Italian energy company Eni at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Italy’s Eni and state lender Cassa Depositi e Prestiti (CDP) have formed a joint venture to invest around 800 million euros ($957 million) over five years in solar and wind energy production, they said in a statement.

GreenIT, which is 51% owned by Eni and 49% by CDP unit CDP Equity, will target an installed capacity of approximately 1,000 MW by 2025, they said.

The move is aimed at stepping up Italy’s efforts to increase renewable energy generation, in line with the objectives set by the 2030 Integrated National Energy and Climate Plan submitted to the European Union Commission at the end of 2019.

Italy’s new ecology minister Roberto Cingolani is working on a new plan for energy transition that is expected to be ready by May.

In a phone conversation with U.S. Special Presidential Envoy for Climate John Kerry held on Wednesday, Cingolani said Rome plans to cut its carbon emissions by around 60% by 2030, and to use 80 billion euros of EU funds for energy transition in the next five years.

($1 = 0.8360 euros)

Reporting by Maria Pia Quaglia; Editing by Jan Harvey