European Energy, a Danish renewable energy company has divested two solar farm projects to Sosteneo SGR in Italy. The total capacity of these renewable energy projects is 231 MW, and both are situated in Sicily. The first agreement, concerning a 68 MW solar farm in Ramacca covering an area of 135 hectares, was closed in September 2023. The second agreement, for a 163 MW solar farm in Mineo, was finalised on November 20, 2023.
Furthermore, the agreements stipulate the acquisition by Sosteneo of 100 per cent of the shares of the Ramacca solar farm and 50 per cent of the shares of the Mineo solar farm. Sosteneo and European Energy will jointly construct and operate the Mineo PV plant on a 50/50 partnership basis.
Once fully operational, these solar farms will be able to produce 327 GWh of electricity annually, sufficient to power more than 120,000 European households. This will contribute to the Italian green deal, helping to avoid the emission of over 150,000 tonnes of CO2 annually compared to fossil fuel usage. Reportedly, authorisation and development rights for these renewable energy projects have been obtained.
In August 2023, European Energy aimed to set up a 65 MW solar project in the municipality of Anyksciai, Lithuania. The new facility was anticipated to go into operation in the fourth quarter of 2023. The project will cover more than 120 acres, comprising more than 140,000 solar panels, producing 90,000 MWh of electricity yearly. It is anticipated that the project will meet the power requirements of nearly 24,000 homes.
