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Iberdrola Renovables Italia and Innovo Group have established the joint venture, iCube Renewables, for the development of renewable energy projects in Italy including photovoltaic plants, wind farms and battery storage facilities.
The joint venture is 50/50% owned by Iberdrola and Innovo, with Innovo acting as project developer. iCube Renewables will acquire the entire Italian pipeline of over 614 MW - comprising 474 MW of solar, 88 MW of wind and 52 MW of storage owned by Innovo. Watson Farley & Williams (WFW) has advised Iberdrola Renovables Italia on the preparation and negotiation of the investment agreement. Legance acted as Innovo’s legal counsel.