Italy is taking big steps in its clean energy transition. Development, investment, and management platform in the renewable energy sector, Gruppo Futura, secured €46 million – over $53 million – in green project funding for an advanced agrivoltaic plant, as reported by Born2Invest.

“This project … represents a milestone for the sector,” said Futura Group CEO and founder Simone Micheletti, per Born2Invest. “It is the first co-located hybrid photovoltaic plant of significant size to enter into operation in Italy.”

The agrivoltaic plant will combine agriculture, livestock, and solar energy production on the same land, allowing farmers to grow crops while generating electricity. The solar panels are raised so that plants can grow or livestock can graze underneath them.

The combination of agriculture and clean energy production is an efficient use of space because farmers can get both food and energy from the same land, which is especially beneficial in regions with limited space. Farmers can earn extra income by selling the excess solar power they generate to the grid, which gives them an additional income stream that is more dependable than unpredictable crop yields.

Solar panels can actually help crops by partially shading them, reducing heat stress and water loss. This is very helpful in dry, hot areas and is becoming more important as the planet’s temperatures rise. Conserving resources can help farmers save money, as well.

The more energy we generate from solar panels and other clean energy sources, the more we can reduce air pollution from burning dirty energy sources like coal and oil, benefiting the environment and human health.

The plant is in the final stages of construction, and once it is up and running, it will generate approximately 85 GWh annually, enough to power about 30,000 Italian homes. It will eliminate over 18,000 tons of carbon dioxide each year.

Financing secured by Gruppo Futura was provided by a group of banks demonstrating a commitment to investment and the environment. Whenever we can support businesses that support the environment and make environmentally friendly choices, it encourages other businesses to do the same. If eco-friendly choices positively affect their bottom line, it becomes an incentive to continue making those choices.

“This confirms the innovative and cutting-edge approach that characterizes the corporate culture and the people who work at the Futura Group every day; a group that continues to grow and pursue ambitious and sustainable initiatives,” stated Micheletti, per Born2Invest. “The project contributes to a more secure and sustainable energy future.”

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