Belt and Road to bring 1 GW of Solar Energy to Italy
Source: PV Magazine
Rome: The Chinese state-owned PV manufacturer Jetion Solar says it has signed an agreement with the Italian government-owned oil and gas major Eni to develop a slew of new Solar Projects of capacity equivalent to 1 GW crosswise in five regions in the next three years in a contract worth €2 billion. This comprehensive accord defined the priority of the Italian government in pursuing renewable sources of power generation to minimize environmental degradation and fulfill the domestic power demand of the country. The Belt & Road Initiative has further bolstered the government’s ambitions in fostering a renewable energy generation scheme for the country and ending energy outages.
The previous Italian government in June won approval from the European Commission to disburse up to €5.4 billion in subsidies for Solar, Onshore Wind and Hydropower by 2021, in breach of the political bloc’s usual public spending and budgeting constraints on member states. Furthermore, Jetion stated Italy will need a 158% rise in installed solar capacity, from its current 20 GW to 50 GW in 2030, in order to satisfy the energy and climate plan being wished-for by the government this year. The press release further added that the fossil fuel giant Eni is aiming to install 1.6 GW of new renewables generation and energy storage capacity by 2022 and 5 GW by 2025.