iCube Renewables is born, a joint venture between Innovo Group and Iberdrola Renovables Italia for the development of energy projects from renewable sources in Italy
From the alliance between Iberdrola Renovables Italia Spa and Innovo Group Spa comes iCube Renewables, an equal joint venture which will aim to develop projects for producing electricity from renewable sources in Italy.
Innovo, which contributes to iCube Renewables the entire Italian pipeline of over 614 MWp (composed of 474 MWp of solar, 88 MWp of wind and 52 MW of storage), will therefore be able to qualify as an independent power producer (IPP) thanks to the agreement with Iberdrola Renovables.
The know-how and investment capacity of Iberdrola Renovables will also allow for a significant acceleration in the implementation of the projects in the pipeline of the new entity.
“We are delighted with the launch of a competitive player like iCube Renewables, the result of the synergy with a strategic partner of the calibre of Iberdrola, with whom we share growth objectives and the same vision of innovation and development in the renewable energy sector”, stated Rodolfo Bigolin, CEO of Innovo Group. “iCube Renewables is on the market with already solid positioning, but the goal is to strengthen further the growth trajectory on the Italian market, which we consider one of the most important in Europe for the production of green energy. Lastly, the partnership with a prestigious company such as Iberdrola confirms the quality of the work carried out by the Innovo Group team and encourages us to continue on the path we have taken”.
Innovo Group SpA, founded by Rodolfo Bigolin at the beginning of 2022, is a company dedicated to developing, constructing and managing projects for producing electricity from renewable sources in Italy and the United Kingdom. With a portfolio of over 2,000 MWp in various stages of development, Innovo is one of the fastest-growing companies in its sector. In the UK, it has a pipeline of photovoltaic and battery storage projects of over 1,000 MWp and aims to develop, build and operate projects to support the goal of going public by 2026.
Iberdrola Renovables Italia Spa is the Italian subsidiary of the Iberdrola Group, a multinational leader in the energy sector and a global reference in the ecological transition with 39GW of renewable capacity installed worldwide. With an investment plan of 47 billion euros by 2025 and between 65 and 75 billion by 2030, the Group has significant development objectives which envisage reaching an installed renewable capacity of 52GW in 2025 and 80GW in 2030. In Italy, Iberdrola is pursuing an ambitious and articulated growth plan in line with the Group’s objectives at a global level. With over 2GW of solar and wind projects currently in various stages of development and commissioning, the first 23MW photovoltaic project in Montalto di Castro, Iberdrola Renovables Italia, aims to triple its pipeline by 2025.