13 FEBRUARY 2024

PLT energia, through its subsidiary PLT energy US corp, has signed an agreement for the development of a significant photovoltaic pipeline in Texas (US) with GGS Energy LLC.

PLT energia (PLT), one of the largest independent Italian group active in the energy sector from wind and photovoltaic sources, announces that its subsidiary PLT energy US corp has signed an agreement for the development of a significant photovoltaic pipeline in Texas (US) with GGS Energy LLC. The partnership established a holding subsidiary for the development and construction of their first project totaling 330 MW, 150 MW of PV and 180 MW of storage. Construction is expected to commence by June 2024. The newly formed subsidiary, PLT US solar 1 LLC, will be 80% owned by PLT energy US corporation and 20% by GGS Energy LLC.

Pierluigi Tortora, chairman of PLT, declared: "It is a source of satisfaction for me to have signed this partnership with an important US company, GGS Energy, which, in the context of the diversification of its business, has been able to grasp, before others, the opportunities offered by the US Government in the context of the energy transition and in particular in the renewable energy sector. We appreciated the partner's validity of the pipeline, the skills and professionalism of the resources in the sector and above all in the local market".

Stefano Marulli, CEO of PLT energia commented: "With this operation, PLT energia continues its growth plans into the United States, with a pipeline under development of over 1 GW, representing the cornerstone of a strategy that aims at geographical diversification together with the balanced development of both wind and photovoltaic sources".

Philip Carafiello, President of the PLT energy US corp added: "I am very satisfied to have contributed to the completion of this transaction, after a year of intense relations which will provide the PLT Group an entry into the US market and build solid foundations for future successful expansion strategy".

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 US with an initial focus on photovoltaic projects. Yaniv Blumenfeld, chairman of GGS Energy said: "We are thrilled to embark on this journey with the PLT group. In aligning with the PLT group, we at GGS Energy are 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.
The PLT group brings an exceptional level of professionalism and a wealth of expertise into this partnership. This collaboration is the stepping stone for GGS’s growth ambitions and a powerful endorsement of our vision and a clear signal of our collective commitment to transforming the energy landscape"

David Ramm, CEO of GGS Energy add: "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. The PLT group's endorsement is not merely a vote of confidence in our capabilities but a catalyst for transformative change in the transformative energy sector. I am very excited by the prospects of what we will achieve together".

Rothschild & Co acted as exclusive financial advisor to PLT in the operation, while Legance and Bracewell firms the role of legal advisors and WSP the role of technical advisor.

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