GE Vernova: creates Alva Power for renewable energy

(CercleFinance.com) - GE Vernova's financial services business and Lizard Renewables, a leading renewable energy company in Italy, have announced the creation of Alva Power, a 50-50 strategic joint venture, to support Italy in its electrification and decarbonization objectives by financing the development of renewable energy projects.


Italy is seeking to decarbonize its energy ecosystem by continuing to invest and build capacity to meet its targets of 30% renewables in total energy consumption and 55% renewables in electricity generation by 2030.

In the near term, the joint venture will focus on the co-development of renewable energy projects, including onshore wind power in Italy, with GE Vernova having priority rights to supply equipment and services to the projects.

The joint venture will also explore other project development opportunities outside the country in the medium to long term.

Guilherme Carvalho, European Renewables Leader within GE Vernova's Financial Services business, said that it has extensive experience in providing technology solutions supported by co-development and financing solutions throughout the lifecycle of a renewable energy project. We look forward to supporting Italy in its electrification and decarbonization objectives with our expertise in energy financing and technology.


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