UAE invests 50 million euros to advance 1.4GW solar and battery project in Italy

On June 3rd, UAE climate investment platform ALTERRA announced that it has committed to investing 50 million euros (57 million US dollars) to support Italian developer Absolute Energy in building 1.4GW of renewable energy across Italy.

The company stated in a statement that this strategic joint investment will be funded through the ALTERRA Acceleration Fund and in partnership with infrastructure investor ISquared Capital, to support the development of solar and battery energy storage projects planned by Absolute Energy.

Absolute Energy focuses on developing small and medium-sized solar projects, fully utilizing Italy's streamlined approval process and secure grid access. The total capacity of the solar energy projects currently under construction by the company exceeds 6GW.

ALTERRA estimates that the initial 1.4GW renewable energy project could avoid approximately 380000 metric tons of carbon dioxide equivalent emissions annually.

ALTERRA stated that Italy plans to increase its solar capacity by 46 GW by 2030 to achieve climate goals, address growing electricity demand, and reduce energy import dependence.

ALTERRA, which manages a $30 billion climate investment fund, stated that this collaboration aligns with its mission of rapidly deploying capital to support high impact climate solutions.