Eiffel Essentiel, a French-specialized fund managed by Eiffel Investment, has backed GreenGo, an Italian company focused on renewable-energy development, with a €15 million ($19 million) equity bridge.
Eiffel Essentiel previously invested €7 million ($9 million) in GreenGo in 2022 to fund its development activities. This recent investment marks the birth of the new independent power-producer in the Italian RES market, and it enables the expansion of GreenGo's pipeline of renewable projects in new target regions in Northern Italy.
The newest equity bridge will be aimed at starting construction of the first 40 megawatts of solar power in Italy by the end of the year, in line with GreenGo's light independent power-producer strategy, which targets 110 megawatts of PV and 50 megawatts of battery-energy storage to be installed by 2024.
The convertible shareholder financing also will open opportunities for M&A deals, allowing the GreenGo platform to explore gro