The objective of the solar PV JV, which is headquartered in Luxembourg, is to develop, operate and bring to the market solar PV plants in Italy and France with a total capacity of up to 95 MW.

Enovos Luxembourg is a 59% shareholder in the JV with an investment of €36 million. Avelar is investing €25 million, giving it a 41% stake.

“The joint venture with Avelar Energy is a strategic partnership that allows us to build on our experience in the field of photovoltaics,” says CEO of Enovos Luxembourg, Jean Lucius. “We're also delighted that the headquarters of the new company will be in Luxembourg.”

In addition to the majority stake in Aveleos, Enovos Luxembourg will acquire 11 solar PV parks with an energy output of 1 MW each from Avelar Energy. The solar PV plants, which are all located in the region of Apulia, Italy, will go into operation later this year.

Enovos Luxembourg S.A., a 100% subsidiary of Enovos International S.A.