A Special Purpose Vehicle (SPV) is a separate legal entity created for a specific purpose, often to isolate financial risk or facilitate a particular investment or transaction, allowing an organisation to undertake a project or activity without exposing its core assets or liabilities.
An SPV is a distinct company with its own assets, liabilities, and legal status, separate from the parent company or organisation that creates it.
Sunflow srl will build a new photovoltaic plant with an installed capacity of 3.48 MW in Pieve Albignola, Pavia province, Lombardy. The 'Livia' project, authorised by the municipality on 11 April 2024, will be built on a former quarry that is no longer suitable for mining exploitation and has been completely restored environmentally, thus representing a virtuous example of territorial regeneration and environmental requalification.
The plant of SPV Sunflow Srl in Pieve Albignola consolidates the pipeline in Northern Italy and the group's commitment to environmental regeneration.
Sunflow Srl applied to participate in the sixteenth Auction and Registry procedure provided for by the Italian Ministerial Decree of 4 July 2019, concerning the “Incentivisation of electricity produced by onshore wind, solar photovoltaic, hydroelectric and sewage process residual gas plants”. Following the verifications conducted by the Gestore dei Servizi Energetici (GSE), the project was included in the ranking list with an awarded 20-year incentive tariff of 76.61 euros/MWh (with a drop of 2.62 per cent, it was among the last of the 112 eligible photovoltaic plants admitted to the incentives, with a total capacity of 458 MW, against requests close to 500 MW)
This result confirms the company's development capabilities and fits in strategically with GreenGo's expansion plan in Northern Italy and the Lombardy region, also thanks to the collaboration already started with Astrea Energia for the development of a further photovoltaic plant in the same area.
“To date, GreenGo's pipeline has achieved a remarkable track record with over 560 MW of projects already approved/RTB” said Giuseppe Mastropieri, CEO of Greengo. “Our goal is to grow in Northern Italy by increasing our pipeline by a further 700 MW in the coming months to reach at least 2.5 GW by the end of the year. We are very selective regarding projects: we focus on initiatives with a high success rate and fast approval processes. We have so far chosen to focus on FER 1 and the PNRR Agrivoltaic Call for Proposals, as we already have 34 MW of photovoltaic plants with GSE incentive tariffs; this represents a ‘high yield’ quality asset, also due to the high level of competition expected from the FER X Transition. The strategic diversification of the revenue model of our renewable assets is a distinctive element together with the technological and geographical diversification that we pursue with untiring determination. We believe that having a broad commercial strategy with more options significantly improves both financial appeal but also competitiveness by having more commercial levers at our disposal.”
Once operational, the photovoltaic plant will be able to supply clean electricity to around 11,000 homes per year, avoiding the emission of around 7,103 tonnes of CO2 per year, supporting the national energy transition and further enhancing GreenGo's commitment to sustainable development, technological innovation and environmental protection.
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