Greenvolt enters Italian renewables market with 37.3% stake in Solarelit

Greenvolt- Renewable Energies will buy 37.3% of Milan-based company Solarelit, an operation that allows it to enter the Italian market, it was announced on Thursday.

“Under the agreement now reached, Greenvolt, through Greenvolt Next Holding, will control more than one third of the capital of the Italian company in an operation that values Solarelit powered by Greenvolt at €33.5 million,” the Portuguese company said.

The contract signed also provides for an option to strengthen the company’s stake in the capital.

The company led by João Manso Neto says in a statement that this operation materializes the presence of Greenvolt Next Holding (‘subholding’ for distributed generation of the Greenvolt Group) “in a new geography, bringing to six the number of countries (Portugal, Spain, Poland, Germany, Greece and now Italy) in which it offers its solutions for distributed generation of energy obtained from renewable sources, a strategic segment” for the company.

“The Italian market offers us enormous opportunities for growth. By acquiring this stake in Solarelit’s capital, we will be able to offer our expertise in the distributed generation segment to the business cluster of the Lombardy region, but we are confident that the capabilities of Solarelit powered by Greenvolt will allow us to progressively expand to the rest of Italy and grow throughout the Mediterranean,” says Greenvolt’s CEO, João Manso Neto.

Mitia Cugusi, managing partner of Solarelit powered by Greenvolt, says that the company will continue its growth in Italy with the expertise that Greenvolt “will bring and that will contribute to increasing awareness and credibility also at an international level,” reinforcing its position in the energy market.

Solarelit powered by Greenvolt has more than 100 Megawatt (MW) in installations of units producing energy from solar rradiation. It offers a turnkey service, allowing its clients to take advantage of savings on their energy bills without the need for any initial investment.

Alongside distributed generation, the Greenvolt Group is a promoter of large-scale wind and solar photovoltaic projects in various markets, with a pipeline of 6.7 Gigawatt (GW).

Greenvolt is listed on the main Lisbon stock exchange index, the PSI, and also generates energy from residual biomass in the UK.