GE Vernova and Lizard Renewables form new joint venture for Italian renewables

• 1 year, 1 month ago (2024-09-17)
• David Flin

Europe 1143 Solar 316 Storage 49 Wind 282

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GE Vernova ’s Financial Services business and Lizard Renewables from Italy have formed Alva Power, a 50-50 joint venture to support Italy in its electrification and decarbonisation goals by funding renewable energy project development.

Italy intends to decarbonise its energy ecosystem through investment and capacity buildout to meet its targets of 30 per cent renewables in total energy consumption and 55 per cent of renewables in electricity generation by 2030.

Alva Power will progress development of over 1 GW of capacity to a ready-to-build stage across wind, solar, and battery energy storage systems (BESS) which Lizard has already selected and prepared for this venture. GE Vernova will have a priority right to supply equipment and services to the projects.

Initially, the JV will focus on projects in Italy, with possible project development outside the country taking place in the medium- to long-term future.

Marco Salvato, General Manager of Lizard Renewables, said: Alva Power will enter an already solid market with strong growth prospects, benefiting from the synergies between the two companies and the tailwinds of national and European energy policies.”