GreenGo Secures €32.6 Million Investment from Intesa Sanpaolo

We are proud to announce that GreenGo has secured €32.6 million in financing from Intesa Sanpaolo, which will support the construction of eight new photovoltaic plants across Calabria, Sicily, and Marche. This investment is part of the bank’s €8 billion fund aimed at advancing the transition to a circular economy, with a particular focus on renewable energy projects aligned with Italy’s National Recovery and Resilience Plan (PNRR).

Advancing Solar Capacity in Italy

With this financing, GreenGo will develop solar plants with a total capacity of 41.8 MW. These plants will be located in:

• Calabria: 22.8 MW across four plants
• Sicily: 13.7 MW across three plants
• Marche: 5.3 MW from one plant

The projects represent a well-rounded commercial portfolio that includes 47% Corporate PPAs with Sasol Italia Spa, 17% incentive tariffs from the GSE, and 36% from a full merchant model. All plants are currently under construction and are expected to be operational by mid-2025.

A Strategic Milestone in GreenGo’s IPP Journey

This financing marks a key milestone in GreenGo’s evolution as an Independent Power Producer (IPP). Our development roadmap projects over €300 million in investments by 2026, expanding our solar, wind, and storage capacities by over 350 MWp. The construction and management of these plants will create over 500 jobs, contributing to the green energy transition in Italy, with a total renewable energy pipeline exceeding 1,800 MW at various stages of development.

GreenGo CEO, Giuseppe Mastropieri, commented:

“This transaction represents the beginning of a new phase for GreenGo as we solidify our position as an IPP. After securing financing for our first 42 MW, we are now on track to develop an additional 40 MW of solar capacity, setting us on course to achieve our 2025 target of 250 MW in authorized projects. The support from Intesa Sanpaolo underscores the strength of our business model and the ability to foster collaboration between SMEs and financial institutions in driving the green economy.”

Intesa Sanpaolo’s Commitment to Sustainable Innovation

The transaction was facilitated by Intesa Sanpaolo’s Banca dei Territori Division, in synergy with the IMI Corporate & Investment Banking Division and the Circular Economy Desk at Intesa Sanpaolo Innovation Center. This investment demonstrates the bank’s dedication to advancing a sustainable circular economy.

Alessandra Florio, Regional Director for Emilia-Romagna and Marche at Intesa Sanpaolo, added:

“Our partnership with GreenGo supports the development of an efficient circular economy model that fosters energy sustainability. Intesa Sanpaolo is committed to providing the resources and tools businesses need to capture both immediate and long-term sustainability opportunities. In Emilia-Romagna alone, we have disbursed €1.5 billion to support environmental and social sustainability investments.”

Looking Ahead

GreenGo’s development strategy includes expanding its presence across Italy, with a focus on utility-scale renewable energy projects. We are dedicated to playing a leading role in Italy’s energy transition, supported by strong partnerships and a clear vision for the future.

The People Behind the Transaction

We extend our deepest gratitude to the exceptional teams and advisors who played pivotal roles in finalizing this significant project for GreenGo. Their professionalism and expertise were instrumental in making this achievement possible.

Legal Advisors for GreenGo:

Green Horse Advisory:

• Andrea Gentili (Partner & Co-founder)
• Maria Teresa Solaro
• Teresa Florio
• Ugo Marchionne (Finance)
• Celeste Mellone (Regulatory)
• Giulia Guidetti (Regulatory)
• Laura Galbiati (Project Contracts)
• Riccardo Malaguti (Project Contracts)

Legal Advisors for Intesa Sanpaolo:

DLA Piper:

• Giampiero Priori (Partner, Finance)
• Germana Cassar (Partner, Litigation & Regulatory)
• Giulio Maroncelli (Partner, Corporate)
• Silvia Ravagnani (Legal Director, Finance)
• Chiara Colamonico (Legal Director, Litigation & Regulatory)
• Clara Juliette Busin (Lawyer, Finance)
• Riccardo Malavolti (Lawyer, Corporate)
• Antonio Congiusta (Lawyer, Corporate)

Technical Advisors:

EOS Consulting S.p.A.:

• Emanuele Riccobene
• Chiara Ruggiero
• Daniele De Sanctis

Model Audit Advisor:

KPMG:

• Daniele Trusiani

Market Advisor:

AFRY Management Consulting:

• Andrea Zaghi

Insurance Advisors:

Aon:

• Paolo Balbi
• Matteo Panizza
• Maurizio Gigante

Tax Advisors:

Trotter Studio Associato:

• Marco Franchi (Equity Partner)
• Leonardo Ciola (Manager)

Special Thanks to the Teams at Intesa Sanpaolo:

We would also like to acknowledge the dedicated team at Intesa Sanpaolo’s Banca dei Territori and BANCA IMI S.P.A. for their commitment and enthusiasm in driving the fast-track financing process:

• Alessandra Florio
• Stefania Bergamaschi
• Franco Pilan
• Laura Ersettigh
• Consuelo Inga
• Antonella Cavallo
• Martina Maestri
• Roberto Leandro Imóveis
• Andrea Colombo
• Luca Mengoli
• Maurizio Testi
• Gianluca Vittucci
• Tommaso Gorla

GreenGo Team:

Finally, we thank our GreenGo team for their tireless efforts and dedication:

• Giuseppe Mastropieri
• Lorenzo Nardon
• Fabio Amico
• Davide Mormile
• Leonardo Erario
• Carlos Rojas Zanol
• Jacopo Michelon
• Giovanna La Piana
• Federica Dozzi
• Sara Romagnoni