Italy’s Innovatec targets EUR 100m in revenue from new solar business

Italian utilities holding company Innovatec SpA hopes that by 2024 it will be generating a turnover of EUR 100 million (USD 102m) from a new business unit dedicated to solar photovoltaics (PV) in the business-to-business (B2B) field.

The company announced on Thursday that its board of directors has approved a programme involving the launch of a subsidiary that will be fully focused on the development of solar PV systems to serve the industrial and agricultural sectors.

Post completion of the plants, the new business unit will either sell them to third parties or produce renewable power for distribution to businesses, families and energy communities through green power supply start-up Frisbi Srl.

The latest announcement comes a day after Innovatec said it will invest in Frisbi through a reserved capital increase. Last month, it also acquired a roughly 30% stake in ESI SpA (BIT:ESI), which is active in the realisation of large-scale PV systems and the construction of rural mini-grids.