Sosteneo, a newly created clean-energy projects investment company majority owned by Generali Investments has partnered with energy firms Edison and Saipem, and government agency Invitalia to invest to reduce carbon emissions in Italy’s largest energy and steel hub.
Sosteneo, which is investing on behalf of clients, has acquired a 40% stake in the Puglia Green Hydrogen Valley project from Alboran Hydrogen for an unspecified amount.
The transaction gives Sosteneo a stake in the project alongside co-shareholders Edison, which holds 45%, Saipem, which owns 10%, and Invitalia-owned DRI D’Italia which is expected to own 5%.
The Puglia Green Hydrogen Valley project involves the installation of 260MW of solar photovoltaic power generation capacity and 160MW of electrolysis capacity, enabling the production of green hydrogen in the Brindisi and Taranto regions of Puglia.
The goal is to use green hydrogen in direct reduced iron production facilities, which will eliminate carbon emissions from the steelmaking process at the Taranto steel plant and a consortium of other Italian steel mills, known as CEIP.
Umberto Tamburrino, managing partner, CEO and CIO Europe at Sosteneo, said: “We are proud to be able to contribute to the decarbonisation of two of the country’s largest industrial steel hubs with a key infrastructure for economic growth at local and national level.
“We strongly believe in investing in the energy transition with the aim of combining long-term returns for our investors and at the same time contributing to the transformation of the global energy system.”
He added: “The project also represents a significant step forward in achieving decarbonisation objectives for so-called hard-to-abate sectors such as steel production.”
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