(Alliance News) - Innovatec Spa announced Tuesday-as part of its growth strategy in renewable energy-the start of work on two photovoltaic plants in Calabria, located in Petilia Policastro and Girifalco, and one in Puglia, in Palo del Colle.

The three plants will produce 20.4 MW, "confirming Innovatec's role as a responsible operator committed to the country's energy transition," the company said.

With the start of these first construction sites, with those scheduled to open at the end of September for an additional 27 MW, with additional photovoltaic projects that we expect to be authorized for around 100 MW by the early part of 2025, and with a total pipeline of more than 300 MW, the group is kicking off a robust growth pipeline in line with the expectations of its development plans and placing us at the center of the massive investment plan planned for this sector in this country.

"These elisions and the contracted backlog of the subsidiary ESI Spa of EUR56 million confirm the direction taken in our plans and is a further step in strengthening the group's positioning in the strategic renewables sector making us increasingly confident of achieving the targets set out in the plan."

The regulatory and financial stop-and-go regarding the 110% Ecobonus urged the group during 2023 to accelerate and reshape its industrial strategies toward independence from incentive mechanisms and with the startup of the Photovoltaic division of the subsidiary Eliospower Srl in search of the right balance between volumes and continuous margins over time.

In fact, Eliospower aims to valorize the pipeline of large-scale photovoltaic projects under development and under authorization through a scalar approach involving valorization with sale to third parties before and after construction or in part for direct management also in asset management mode, going on to distribute the energy produced by them to businesses, households and energy communities thanks also to the subsidiary Frisbi Srl.

In this area, the group will pool Innovatec's development potential with ESI's expertise and execution capacity.

Innovatec chairman Elio Cosimo Catania said, "After the long delays in the authorization processes, suffered by all the operators, we can finally give full start to our renewables plan, with the opening of these first construction sites and those that will follow shortly. If we also take into account the backlog of contracts being executed by our subsidiary ESI and the substantial overall pipeline of projects, we can feel confident that the development trajectory expected from this segment is within our grasp. Thus, our expectations of value creation from this important component of our business are also realized."

Innovatec's stock is up 3.4 percent at EUR1.03 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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