By Christian Moess Laursen

Verbund AG said Tuesday that it will enter the Italian market through the acquisition of a project development company following an agreement with PV-Invest Group, a renewables investment company.

The acquisition includes development of a photovoltaic project portfolio. The portfolio, which is still in the approval phase, consists of a pipeline of up to 45 photovoltaic installations in the region of Apulia in southern Italy.

The projects are expected to achieve ready-to-build status from the third quarter of 2023, with the majority coming on stream by the end of 2024.

The Austrian electricity company plans to expand in the field of renewables, aiming to produce approximately 20-25% of its electricity from photovoltaic sources and wind power plants by 2030.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

December 13, 2022 10:57 ET (15:57 GMT)

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