ENCAVIS Acquires Two Ready-to-build Solar Projects in Northern Italy

The Hamburg-based wind and solar park operator Encavis AG has acquired two ready-to-build solar projects in Cobu and Massarenti (south of Ferrara in the province of Emilia-Romagna) with a total generation capacity of 18.4 megawatts (MW) from Hive Energy Limited (UK) and its partner Sunleonard Energy Limited. The two projects are about to start construction and will produce a total of around 28 gigawatt hours (GWh) of green electricity per year once completed (expected at the end of 2025). Ethical Power Italia S.r.l. will construct the two solar parks for Encavis.

‘Our Spanish solar parks, Fundici (55 MW, 2022) and La Florida (30 MW, 2024), which we acquired in recent years, form the basis of our successful collaboration with Hive Energy, which is now being continued with two new Italian projects. The parks not only further expand our Italian portfolio, but are also characterised by their strategic proximity to industrial PPA offtakers,’ explains Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO) of Encavis AG.

Giles Redpath, CEO of Hive Energy Group comments: ‘We are delighted to conclude this third transaction with Encavis, which further reinforces our positive relationship with them by extending it from Spain to Italy. It is also great to see our sister company Ethical Power, build on the successful completion of the Fundici project for Encavis, and expand its activity into the Italian market.’

Stefano Salerno, Hive’s Italian Country Manager and Managing Director of Sunleonard adds: ‘I am incredibly proud to help bring these projects to fruition in my home town of Ferrara, especially as they are amongst the first projects to proceed in the Emilia-Romagna region. Their successful development is testimony to the continued investment of Hive Energy in the region, and we look forward to bringing more projects forward over the coming year.’

The modules of the two solar parks in Cobu and Massarenti will be installed on single-axis trackers. The plan is to conclude a long-term pay-as-produced Power Purchase Agreement (PPA) with an industrial customer.