Power from the rooftops

Pirelli Ambiente and Global Cleantech Capital (GCC) have signed an agreement to establish Solar Utility, a joint venture in the photovoltaic energy sector.

Pirelli Ambiente and GCC will hold Solar Utility in equal parts. The new company plans to invest about €24m in equity over the next five years in roof based solar energy systems for the production of about 50MW of electricity in Italy.

According to a statement, Solar Utility will install and own solar systems for commercial and industrial property owners on their property, and sell them green electricity at competitive prices in return. The JV company will also sell completed solar energy producing projects to investors interested in stable long-term cash flows as guaranteed by the Italian government.

Italy is projected to be one of the top European countries for solar energy production and is expected to become the first European country to reach grid parity where the cost of solar power will equal the price of grid electricity. The Italian photovoltaic industry is already growing at more than 30% per year, and this pace is expected to accelerate in the next five years.