Renantis will be the offtaker for the dispatch of the energy produced by eleven of REDEN's solar plants in Italy upon their completion, which is expected by the second half of 2024. The contract boosts both companies' commitment to sustainability goals.
The 11 solar plants have an overall installed capacity of 90 MW - distributed across the country with five plants in northern Italy, five in central Italy, and one in the south - with an expected annual production of 130 GWh of clean energy. The plants allow for the rehabilitation of degraded or abandoned areas, generating green electricity and contributing to the country's energy transition.
The signing of the PPA provides REDEN with a unique opportunity to optimize its revenue streams by securing favorable merchant prices prior to transitioning to GSE for the Feed-in Tariff (FiT) scheme. The operation aims to offset any additional costs incurred by REDEN during the project's development phase, including for the depollution of some of the sites prior to construction.
Margherita Tassi, Power Originator Italy & UK of Renantis, commented, "We are very pleased with this offtaking contract signed with REDEN which adds more capacity to our energy management market activities portfolio."
Luca Crisi, Country Manager of REDEN Italy, added, "Our focus on repurposing disused areas and revitalizing abandoned quarries and industrial zones demonstrates our commitment to fostering regional sustainability in collaboration with local communities. The 11 plants covered by this agreement mark the initial phase of a larger project comprising 24 photovoltaic units, all with the same objective: producing low-carbon energy in harmony with the local ecosystem, be it environmental, social or economic. By adopting this approach, REDEN has now reached cruising speed in Italy as well."
