Italian energy company Eni and lender CDP Equity have formed a joint venture to invest €800 million (£685m) in renewables.
Named GreenIT, the venture aims to produce energy mainly from photovoltaic and wind power plants and reach an installed capacity of approximately 1GW by 2025.
Eni is set to have the majority share of the enterprise.
Giuseppe Ricci, General Manager of Eni’s Energy Evolution, said: “This new joint venture is part of Eni’s strategy for the energy transition and contributes to the acceleration of our transformation process towards green energy and renewable sources.
“With this in mind, thanks to the partnership with CDP, our commitment to decarbonisation becomes increasingly concrete, to achieve the objectives of the United Nations 2030 Agenda, it is essential to create a system at a country level and to pool together investment and know-how opportunities.”