Juwi takes controlling stake in Italian solar developer GEMdev

December 5 (Renewables Now) - German renewables developer Juwi AG said today it has acquired a majority stake in Italy-based GEMdev SrL, a green field solar developer targeting to build a project pipeline of 700 MW in the next five years.

Juwi Energie Rinnovabili Srl has become the owner of 70% of GEMdev’s stock in a deal that aligns with its parent’s plan to grow its business and further expand its solar portfolio in the Mediterranean country. The value of the purchase was not disclosed.

Milan-based GEMdev is focused on the development of conventional solar and agrivoltaic projects in the North of Italy.

“The Italian PV-market is probably one of the most exciting and promising markets in Europe right now as it offers many business opportunities from private PPAs to direct-wire offtakes,” said Daniele Moriconi, managing director of Juwi Energie Rinnovabili.

Since its market entry in Italy in 2007, Juwi has implemented more than 85 MW of renewable energy projects in Italy and has a pipeline of projects totalling roughly 350 MW. The company also operates over 30 MW of assets for third parties.