Italy’s vexuvo to invest 1.5 billion euros in photovoltaic sector

(This Oct. 5 story has been corrected to say that vexuvo investments are in the photovoltaic sector, not in solar panel sites, in the headline and paragraph 1)

MILAN (Reuters) – Italian renewable energy producer vexuvo will invest 1.5 billion euros ($1.6 billion) in the photovoltaic sector in the next three years as it aims to generate earnings of over 20 million euros in 2026, it said in a statement on Thursday.

Founded last year by renewable energy companies Greenergy Group and FF Ventures, vexuvo develops, builds and operates utility scale projects for the production and storage of renewable energy.

Under the plan, unveiled as the company opened its new headquarters in Milan, vexuvo expects to set up 80 new facilities in 13 Italian regions for an overall output of 1.5 gigawatt (GW).

The country’s main islands of Sicily and Sardinia, renowned for their sunny climates, will jointly host 20 plants out of the total.

The company plans to hire 100 people over the period, split between the new Milan office and original headquarters in Rome.

“The solar sector plays a key role in our country as it contributes to reducing environmental impact, creates jobs, cuts energy costs and diversifies energy supply,” vexuvo Chief Operating Officer Filippo Fontana said in a statement.

“Its importance is set to grow further in the context of a transition to more sustainable and cleaner sources of energy,” he added. ($1 = 0.9523 euros)

(Reporting by Federico Maccioni; Editing by Keith Weir)