Focused on the development, construction and operation of photovoltaic (PV) power plants on an international level, REDEN has partnered with Renantis, a leading independent power producer (IPP) in the renewable energy market, to sign an 18-month power purchase agreement (PPA). 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 2H24. 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 optimise its revenue streams by securing favourable 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.

“We are very pleased with this offtaking contract signed with REDEN which adds more capacity to our energy management market activities portfolio. REDEN is an important group to partner with in Italy, and we are happy to start a collaboration working towards the energy transition and for the growth of clean energy production in the country,” said Margherita Tassi, Power Originator Italy & UK of Renantis.

“We are delighted with this partnership, which underscores our dedication to building environmentally friendly power units on one hand, and sound relationships with all market players and third parties on the other. Several of our PV plants have been established on previously polluted sites, which we have rehabilitated at our own expense. Our focus on repurposing disused areas and revitalising 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 PV 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,” said Luca Crisi, Country Manager of REDEN Italy.