Pacifico, Eiffel join hands in 300-MW agrivoltaic rollout in Italy

Germany’s Pacifico Energy Partners and French asset manager Eiffel Investment Group have agreed to jointly work on roughly 300 MW of agrivoltaic projects in Italy, some of which with integrated battery storage.

The companies will develop the schemes through a joint venture that will receive up to EUR 20 million (USD 21.1m) from Eiffel, Pacifico said on Thursday.

Under the arrangement, Pacifico will bring mid-stage development projects to the JV’s portfolio, while its partner will take care of securing bridge equity financing and the required permits and authorisations. The development process will be handled by Pacifico. When the projects reach the ready-to-construction stage, the JV partners may sell them.

Pacifico and Eiffel will mainly focus on photovoltaic (PV) projects in the Lazio region of western Italy. The proposed solar farms will be installed on land that will be simultaneously used for power generation and agricultural purposes such as olive tree planting and farming. Once completed, the power plants are expected to generate electricity for more than 200,000 local homes. Some of them will be coupled with battery storage systems.

Eiffel will invest in the JV through a recently launched fund with the European Investment Fund (EIF) aimed at providing equity bridge financing for up to 7 GW of renewable energy assets in Europe.

(EUR 1.0 = USD 1.056)

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