RWE Innogy Italia and Fri-El Green Power will each hold a 50% share in the development company Fri-El. The initial aim of the joint venture is to develop planned wind energy projects amounting to 960MW, as well as the development of more than 12 biomass projects to construction maturity.
Once the projects have reached construction maturity they will be contributed to separate project companies. RWE Innogy Italia will hold a majority share of 51% in each of these companies.
In terms of installed capacity, Fri-El Green Power reportedly ranks fourth on the Italian market with a market share of 9%. The company is now expanding its activities to include other renewable energy sources. The joint venture formed with RWE Innogy Italia is expected to initially focus on future wind and biomass projects in Italy.
Fritz Vahrenholt, CEO of RWE Innogy, said: Power generation from renewable energies is growing at a tremendous pace in Italy. We want to play a major role in the development of this growth. The foundation of RWE Innogy Italia and the joint venture with Fri-El Green Power is a crucial step along this path.
