GE Vernova and Lizard team up on Italian renewables development

GE Vernova’s Financial Services business and Italian renewable energy company Lizard Renewables, have established Alva Power, a 50-50 joint venture aimed at supporting Italy's decarbonisation goals.

Alva Power’s initial goal is to progress the development of over 1GW of project capacity to a ready-to-build stage. The projects have been pre-selected by Lizard and include wind, battery energy storage systems and photovoltaic solar. For the onshore wind projects, GE Vernova will have priority as equipment and services supplier.

In the future, Alva Power will explore project development opportunities outside Italy.

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Guilherme Carvalho, European Renewables leader at GE Vernova’s Financial Services business, said: “We will collaborate with Lizard to harness our collective energy portfolio across our Wind and Electrification segments to support development of renewable energy projects to a shovel-ready stage in Italy...We look forward to supporting Italy in its electrification and decarbonisation goals through our energy finance and technology expertise.”

Marco Salvato, general manager of Lizard Renewables, commented: “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.”

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Italy aims to reach 30% of renewables in total energy consumption and 55% of renewables in electricity generation by 2030. The country's renewable energy sector has experienced significant growth coupled with the plan to reduce natural gas dependency.