GE Vernova, Lizard form JV to deliver over 1 GW of renewables in Italy

US energy equipment manufacturer GE Vernova Inc (NYSE:GEV) on Monday announced that its Financial Services business formed a 50/50 joint venture (JV) with Italian renewables company Lizard Renewables SpA to develop over 1 GW of wind, solar and battery energy storage projects in Italy.

The JV, named Alva Power, will initially work on this 1-GW-plus portfolio, aiming to bring it to the ready-to-build stage. Lizard has already selected and prepared the projects, GE Vernova said.

In the near term, the JV will co-develop projects, including onshore wind. GE Vernova will have a priority right to supply equipment and services to the projects. In the future, Alva Power may explore additional project development opportunities outside of Italy.

The JV is expected to leverage GE Vernova's global financial and technological expertise and Lizard's strategic regional collaborations with leading companies in the renewable energy sector. This partnership will contribute to Italy's targets of 30% renewables in total energy consumption and 55% renewables in electricity generation by 2030.

“Being able to announce a joint venture with GE Vernova is a source of great pride for us and a concrete testimony to the attractiveness of our offering and what we have built over the years,” said Marco Salvato, General Manager of Lizard Renewables.

“Alva Power will enter an already solid market with strong growth prospects, benefiting from the synergies between the two companies and the tailwinds of national and European energy policies. Our goal is to further strengthen European renewables growth trajectory with a specific focus in Italy,” Salvato added.

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