GE Vernova and Lizard Renewables have announced the creation of Alva Power, a 50-50 joint venture (JV). This collaboration aims to advance Italy’s electrification and decarbonisation objectives by financing the development of renewable energy projects. Alva Power will leverage GE Vernova’s global financial and technological strengths and Lizard’s regional network to drive new renewable energy initiatives.
Further, Alva Power plans to advance over 1 GW of capacity to a ready-to-build state, focusing on wind, battery energy storage systems (BESS), and photovoltaic (PV) solar projects. Initially, the JV will target onshore wind projects in Italy. The JV will also consider expanding its project development efforts beyond Italy in the future.
Earlier this year, GE Vernova won a €700 million agreement with Copenhagen Infrastructure Partners to provide turbines for Spain’s 760 MW Teruel wind project. This contract includes supplying, installing, and commissioning 125 GE Vernova 6.1-158 turbines for the Maestrazgo section of the Teruel wind project.
