FitzWalter's Peridot eyes 5-GW solar buildout in UK, Italy

Peridot Solar, a portfolio company of British investment firm FitzWalter Capital, will seek to develop and build a portfolio of solar projects totalling 5 GW in Italy and the UK by 2026, seeking to help cut Europe's reliance on Russian gas.

The start-up already has more than 1 GW of solar photovoltaic (PV) projects in its pipeline in the two countries and this year plans to launch construction work on 180 MW of plants, its parent said earlier this week.

In Italy, Peridot Solar intends to install 120 MW of PV parks, while its UK plans envisage the construction of 60 MW of plants. The exact locations of the projects and details about the required investment were not disclosed.

Italy's Radiocor reports that construction is about to start on two 33-MW plants in Lazio and Sardinia, with building works due to be launched in the coming weeks at a 30-MW site in Fiumesanto. Another 30-MW plant is expected to be powered up in July in Carbonia.

The London-based company, which was set up to develop, build and operate European solar parks, noted that investment in solar PV is the main pillar in handling climate change issues and the reliance on gas.

“Solar can reduce energy dependence on Russia in the short-to-medium term as well as generate clean energy. To take advantage of this opportunity and be part of the solution, it is necessary to develop projects across Europe,” said managing director Massimo Sapienza.

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