GE Vernova’s Financial Services business and Lizard Renewables, a renewable energy company based in Italy, have announced the creation of Alva Power, a 50-50 joint venture.
The aim of Alva Power is to support Italy's electrification and decarbonisation goals by funding the development of renewable energy projects. Initially, the joint venture will focus on advancing over 1 GW of project capacity to a ready-to-build stage. This capacity will include wind, battery energy storage systems, and photovoltaic solar, which Lizard has already identified and prepared for the venture. In the short term, the joint venture will concentrate on co-developing renewable energy projects, particularly onshore wind in Italy, with GE Vernova holding a priority right to supply equipment and services for these projects. In the medium to long term, the joint venture will also seek additional project development opportunities outside of Italy.
