GreenGo is seeking a bank to provide debt financing for a portfolio of solar and some wind totalling around 200 MW, CEO Giuseppe Mastropieri told NPM.

“The objective is to select the bank by January [2025] time, agree a term sheet and starting with due diligence,” said Mastropieri.

Almost 85 MW of the projects that the financing will support are already at ready to build, with GreenGo close to securing the rights for up to 120 MW of further projects.

While the financing amount that GreenGo will seek has not yet been defined, Mastropieri noted the developer has been considering an amount in the range of EUR 150–180m.

This second financing follows an EUR 32.6m debt raise to fund a partially PPA-backed, almost 42 MW PV portfolio. GreenGo committed 24.5 MW to generate energy under a 10-year PPA with South-Africa based chemical group Sasol.

Projects that were set to fulfill the PPA agreement were recently awarded 20 year feed-in tariffs through Italy’s first agrivoltaic tender: the 7.95 MWp Soparita plant in the province of Catania (EUR 78.17 / MWh); the 6.71 MWp Arango plant in Catanzaro (EUR 80.68 / MWh); and the 8.28 MWp Margherita plant in Crotone (EUR 79.73 / MWh).

GreenGo reached a flexible agreement with Sasol, and Mastropieri said GreenGo will select replacement projects to meet the PPA.

“Now we have to fulfill the PPA with other projects; the same yield, the same capacity, and [the same] energy amount produced annually, switching into a road-to-market PPA supporting commercially our IPP strategy.”

The developer agreed a pay-as-per produced structure with the offtaker, at a price of EUR 75 / MWh to begin, decreasing throughout the period to EUR 45 / MWh for the last two or three years, Mastropieri said.

He noted that the PPA was signed one year ago and that Italian prices are now slightly higher at EUR 75–80 / MWh, driven by a loss of appetite for PPAs in anticipation for the FER-X scheme. Meanwhile, durations have lessened, moving to the range of 5 to 8 years.

In January 2025, GreenGo also intends to launch a previously reported equity raise, through which it seeks to raise EUR 100m.

Italy’s first agrivoltaics tender

Following the results of Italy’s first agrivoltaics tender, Mastropieri said that GreenGo was happy to have been awarded for all three projects which it submitted. “We are extremely happy because we have very generous FIT,” he said, further noting gratitude for the capex contribution that the unique scheme offers.

Mastropieri highlighted that issues getting through authorisation and environmental assessments prevented the developer submitting further projects.

This was an issue for others besides GreenGo. Mastropieri said: “Many, many IPPs, they tried to join, but there were not enough authorisations with suitable technical requirements to cover the entire demand and the quantity offered and, furthermore, not enough managerial capabilities to be engaged with reliable agricultural farmers.”

Timeline was anticipated to be a big issue for the tender process, for which projects were only eligible if they are set to come online by July 2026.

While the round was not undersubscribed as previously expected – awarding contracts to 1.548 MW instead of the allocated 1.04 GW – the vast majority of winning projects were small in scale. The awarded projects also cleared at highly discounted rates to the tender ceiling price, potentially leaving enough funds for a further tender process.

Mastropieri said this potential round would likely be undersubscribed if the timeline for delivery is not extended.

However, Mastropieri believes GreenGo has further projects that could feasibly meet the existing timeline, that it could consider submitting to a further round.

*This story was originally published exclusively for NPM Europe subscribers.

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