Green Genius and Eiffel Transition Infrastructure, a newly established fund managed by Eiffel Investment Group, have formed a joint venture to develop and build a 500 MW solar park portfolio in Italy. Eiffel will make an initial investment of up to €15 million through this joint venture to assist the growth of this portfolio, with additional funds set aside for supporting the projects during the construction phase.
Reportedly, Green Genius will bring 500 MW of projects in Italy (mostly in Puglia and Sardinia) to the permitting phase through this new setup, and Eiffel will fund this important phase of acquiring the requisite licences and authorisations through equity financing. Green Genius will lead the development process until the projects are ready for building. Following that, construction is anticipated to begin by the end of 2023. This new solution is offered by Eiffel Transition Infrastructure, a fund designed to provide equity bridge financing for renewable energy infrastructure assets in Europe and launched in 2022 by the French asset manager.
In October 2021, Green Genius secured $23.2 million in financing from French asset management firm Eiffel Investment Group to finalise the development of solar PV projects in Italy and Spain. The funds were provided by the French group’s energy transition vehicles and will be used to cover the project’s pre-construction costs.
