PLT Energia and GGS Energy LLC announce joint venture to realize renewable energy projects in Texas

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MILAN, Feb. 20, 2024 /PRNewswire/ -- PLT Energia (PLT), one of the largest independent Italian groups in the renewable and energy storage sector, announced that its subsidiary PLT Energy US Corp has entered into a joint venture with GGS Energy LLC to develop more than 1 GW of renewable energy in Texas.

The joint venture's first project will be the development and construction of its Indigo Project Phase I, located in West Texas totaling 330 MW: 150 MW of PV and 180 MW of storage. Construction is expected to commence in June 2024. The newly formed joint venture company, PLT US Solar 1 LLC, is 80% owned by PLT Energy US Corp and 20% owned by GGS Energy.

"This dynamic JV with GGS Energy offers PLT a platform for international growth into the U.S. Market and advances our long-term goals of being a leader in the realization of renewable energy projects globally," stated Pierluigi Tortora, Chairman of PLT.

PLT's CEO Stefano Marulli added, "PLT Energia remains focused on value creation across our entire renewable portfolio as we continue to pursue growth opportunities that underpin our strategy of geographical diversification."

Philip Carafiello, President of PLT Energy US Corp, added, "Securing this joint venture and kicking off development of the Indigo PV Project helps support PLT's charter to realize lower carbon energy projects, while benefitting local communities and the economy."

GGS Energy, a subsidiary of Glacier Global Partners, was formed in 2020 as an energy transition company focusing on developments of utility-scale renewable energy projects in the U.S. with an initial focus on photovoltaic projects.

"We are thrilled to embark on this journey with PLT Energia," said GGS Energy Chairman Yaniv Blumenfeld. "In aligning with PLT, GGS Energy is not just forming a partnership; we are joining forces with a team whose trust and support reflect a deep alignment with our mission and values. This JV is a steppingstone for GGS's growth and signals our collective commitment to transform the energy landscape."

GGS Energy CEO David Ramm added, "Joining hands with the PLT group heralds a new era for GGS Energy, where trust, innovation, and expertise converge to fuel our growth ambitions in the renewable energy sector. I am very excited by the prospects of what we will achieve together."

Contact:
Eleonora Tortora
CFO & Investor Relations
PLT Holding S.r.l.
[email protected]

SOURCE PLT Energia (PLT)