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Development Services Agreement with Altea Green Power SpA for the development of 300 MW of solar projects across Italy

Press Release

February 8, 2023

Turin, 3rd February 2023: Aer Soléir, a Dublin based, Irish Company focused on multi-technology renewable energy development, construction and operation with a particular emphasis on utility-scale onshore wind, solar, and energy storage projects throughout Europe and Altea Green Power S.p.A. an Italian Company based in Turin, involved in developing and building renewables plants both in Italy and the USA, with a mutual purpose: developing and constructing plants for the production of energy (respecting the environment) and acting as a “service integrator” in all phases of the construction and management of green plants, have today announced the signing of a second co-development agreement to jointly develop ~300MW of solar photovoltaic projects in Italy.

The partnership, which will see the two companies working closely together, aims to develop Agri voltaic projects for a total capacity of about 300 MW over the next 24 months. This operation will increase Altea Green Power’s market share in the development of renewable projects in Italy and allow and Aer Soléir to continue to expand its presence in Italy. The economic references of the contract are fully satisfactory for the company and in line with the expected profitability requirements.

The projects will see the two companies working closely together, enabling Altea Green Power to enhance its position as an important service integrator and Aer Soléir to continue to expand its presence in Italy.

Italy has received the largest share of the EU’s pandemic recovery fund. Around a third of the sum received is earmarked for supporting energy and climate objectives. Recently Italy’s minister for energy transition, Roberto Cingolani, confirmed that he had set a minimum target of 70 per cent renewable electricity by 2030. In order to achieve that target, it will be necessary to develop large scale battery storage plants concurrently with renewable energy technologies.

Andy Kinsella, CEO and Founding Partner at Aer Soléir states: “The agreement signed with Altea Green Power represents our second collaboration and the introduction of a new technology with an experienced developer in the Italian renewables market following the successful partnership to date on our BESS portfolio. This shows our commitment to expanding our existing portfolio of wind, solar and energy storage projects in Italy with the addition of 300 MW of solar projects over the coming years. Italy is a very attractive market and we are delighted to be adding this opportunity to develop Agri-voltaic projects across Italy”

Giovanni Di Pascale, Founder and CEO of Altea Green Power, states: “We are very proud of the strengthening of the already fruitful collaboration with Aer Soléir with whom, it shouldn’t be forgotten, Altea signed an important co-development contract on BESS Storage plants for over 510MW on July 1st, 2022. This new and important agreement will give a further boost to our ongoing commitment to renewable energy and the growth path of Altea Green Power, based on the fundamental values of innovation and respect for the environment. The partnership with Aer Soléir, with whom we are committed to generating and sharing the fundamental value of sustainability, makes Altea a leading developer in the green energy sector in Italy”.