European Energy Sells 121.5 MW Italian Solar Project to Iren Energia

Danish renewables developer European Energy has sold a 103 MW solar project in Italy to Iren Energia. Located in the southern region of Apulia, the Troia solar project has more than 275,000 PV modules; and according to European Energy, it is the largest PV complex in the country.

Troia and Palo will be sold for a total consideration of EUR 166 million ($189.5 million) in a deal expected to be completed during Q1 2022.

“The sale of Troia Solar Park, our largest to date of a singular solar park, will cement the strong performance that our company has had in Italy over the past years, says Knud Erik Andersen, CEO of European Energy.

European Energy is also selling the recently grid-connected solar project of 18.5 MW in Palo to Iren Energia in the same agreement. The total energy capacity of the sold projects will be 121.5 MW. The total energy produced is approximately 180 GWh of green power per year.

Apart from the divestment of Troia and Palo, Iren Energia and European Energy have also entered into a strategic agreement on the development pipeline of European Energy, equal to a total of 437.5 MW distributed over four sites in Lazio, Sicily, and Puglia, of which 38.8 MW already authorized, which provides for the possibility for Iren Energia to invest, in an entire period and at various stages of development, in the pipeline by exercising specific rights.

According to Mercom’s recently published annual and Q4 solar funding and m&a report, in December 2021, German solar and wind project developer Encavis signed the purchase agreement with European Energy to acquire two solar projects in Denmark with a total capacity of 105 MW. Both the projects are located in Zealand – the 34 MW Svinningegarden solar project has already been connected to the grid. The 71 MW Rodby Fjord solar project will be connected to the grid in Q1 2022. European Energy has developed the projects.