GreenGo presents first ESG report and business plan targets for 2029

• GreenGo’s development plan includes a 300-million-euro investment over three years.
• Sustainable agri-voltaics will be the prevalent technology (900 MW), successfully tested in several plants in eastern Sicily.
• CEO Giuseppe Mastropieri: ‘We are betting on an innovative agri-voltaic formula that is highly sustainable because panels reduce the water requirements of crops and mitigation helps the development of biodiversity.’

Bologna, 18 July 2024 – The Italian renewables market sees the entry of a new independent player in the production of clean energy: GreenGo srl, founded in 2018 as a start-up for the design and construction of innovative co-managed plants, announced today that over the next five years, it will build around 1.4 GWp of new plants of which it will be 100% owner. The plant pipeline will have a solid agri-voltaic segment (around 880 MWp), but there will also be wind and traditional photovoltaics and around 300 MWp of storage facilities (batteries).

GreenGo, between 2022 and 2023, saw the entry of the Eiffel Fund with EUR 22 million and ended 2023 with approximately EUR 7 million in revenues. Among the latest deals signed was an agreement for the ten-year energy supply to Sasol Italy Spa, the Italian branch of the South African multinational chemicals group Sasol, which has three production sites in Italy.

Giuseppe Mastropieri, CEO of GreenGo, illustrated the plan to the press today at the company’s new headquarters, S/Park, in Bologna, built with high sustainability and bio-architecture criteria. Alongside him at the press conference were the Councillor for the 2030 Climate Mission of the Municipality of Bologna, Anna Lisa Boni, and the Rector of the Luiss Business School and Professor of Corporate Finance at LUISS Guido Carli, Raffaele Oriani. GreenGo has partnered with both entities, including climate commitments and staff training plans.

"We are already prepared to start with the construction of 200 MW plants," explained Mastropieri, "the first steps of a roadmap that will take us from now until 2029 to a park of about 80 plants, both production and storage, for about 1.7 GWp. We expect to produce about 2.8 TWh of clean energy in 2029, about 2 TWh from plants 100% owned and operated by us. We will do this by investing in our sustainable agri-voltaic formula, which we have tested and studied in important pilot plants in eastern Sicily thanks to scientific collaboration with the University of Catania. We have demonstrated that crops under the panels need less irrigation. At the same time, we can utilise otherwise idle areas, supporting the development of biodiversity and opening up spaces to the public”.

A new environmentally sustainable headquarters in Bologna, recruitment and development projects

Founded on the initiative of a close-knit team of managers led by CEO Giuseppe Mastropieri, a former professor at the University of Bologna, GreenGo is headquartered in the city of Bologna, where it recently inaugurated its new headquarters in Via Matteotti 31/2, inside S/Park. This completely regenerated complex houses several other innovative realities linked to GreenGo. In the new offices, great attention has been paid to the comfort of the spaces, the use of natural light and vertical greenery to guarantee pleasant environments for workers, and the availability of a gym, refreshment areas, and isolated areas for video calls.

The company also plans to build 13 plants in Emilia-Romagna, for a total of 238,1 MWp. Five of these are in the province of Bologna (2 in Budrio, 2 in Sala Bolognese, and one in San Giovanni in Persiceto).

GreenGo announces a significant development plan. Currently, GreenGo has 42 direct employees (35 employees), as well as agents in the territory. By 2024, these numbers will grow to 50 direct employees (44 employees), reaching 65 (58 employees) in 2026. In the background, the Fimm Group (GreenGo, REA, Latitude) will see an increase in personnel from 62 to 105 over the next three years.

The development plan from now until 2026 envisages investments totalling more than EUR 300 million, more than 200MW of proprietary plants, and a strong involvement of local companies: it is expected that the construction and operation of the new plants will generate 450 jobs in the national panorama.

For internal training and the recruitment of young talent, GreenGo has strong connections with the University of Bologna and the Bologna Business School. Numerous doctoral students carry out their research projects on renewables within the company and then often remain in the technical offices to design and manage the plants.

At the end of the press conference, the company presented its 2023 sustainability report to its stakeholders at the ‘New Forms For Green Energy Landscape’ meeting, which was attended not only by Mastropieri and Oriani, but also by Lorenzo Nardon, Head of Finance and M&A GreenGo, Enrico Bartoletti, Sustainability Specialist Deloitte, Salvatore Molè, Innovation Director at Hera, and Alessia Andreatta, ESG manager of Dolomiti Energia Group.

About GreenGo

GreenGo, founded in Bologna in 2018 as a start-up, is a company specialising in developing utility-scale RES plants. Led by Ing. Giuseppe Mastropieri and driven by a team of high-profile professionals and managers, GreenGo is realising its business plan as an IPP (Independent Power Producer). The collaboration with the Eiffel Essentiel fund, which started in 2022 with a capitalisation of EUR 7 million and renewed with a EUR 15 million equity bridge in 2023, accelerated the company’s growth, now a leading player on the Italian and southern European scene with 50 employees and collaborators, as well as exclusive agents on the territory. GreenGo’s pipeline reached 85 renewable projects in 11 regions for 1.82 GW, with 1.3 GW in approval and over 216 MW already approved/RTB. Since September 2023, GreenGo has resided in the new green hub S/PARK – Sustainability Workplace, located via G. Matteotti 31/2 in Bologna. The structure, desired and conceived by Fimm S.R.L., is a point of reference for the Italian green economy, hosting the Group’s operations and opening up to companies, professionals, institutions and citizens.