Italgen, €60 million plan to exceed 160 MW

Italgen continues to expand its scope: the renewable energy subsidiary of the Pesenti family holding company Italmobiliare has added two hydroelectric plants in the province of Bergamo, with a total installed capacity of approximately 4 MW, to its portfolio through the acquisition of 100% of the owner, Alben. It is also nearing completion of construction on two new photovoltaic plants with a total installed capacity of 15 MW, with connection expected within the year: in Chignolo d'Isola (Bergamo) and Borgonovo Val Tidone (Piacenza), near the Capitelli ham factory. These operations will bring Italgen's installed generation capacity (70% hydroelectric and 30% solar) to 102 MW by the end of the year, up from the current 83 MW; a doubling in five years, given that in 2020 the company had a portfolio of 57 MW.

In 2025, it also completed the modernization of the historic Dezzo hydroelectric power plant, in Val di Scalve (Bergamo), with a capacity of over 3 MW, rebuilt by Italgen in 1926.

"Investments in 2025 alone amounted to €25 million," says CEO and General Manager Luca Musicco. "Since 2021, the total has reached €80 million, including M&A, revamping, and new solar farms. And our plan is to continue investing €20 million annually over the next three years, for a total of €60 million. The goal is to double our current installed capacity, reaching 160 MW in 2028. We have two development priorities: diversification of energy sources—from a hydroelectric company, we entered photovoltaic in 2022—and geographic diversification. We were focused on the Alpine region, but now, with hydroelectric power, we've expanded to Tuscany, and our solar farms are in Puglia, Marche, Emilia-Romagna, Lombardy, and Piedmont."

From 2021 to 2024, Italgen expanded its portfolio from 17 to 30 hydroelectric plants and built six new photovoltaic plants. Looking ahead, the company is also looking at other technologies: "We're familiar with wind technology, having previously had plants abroad, and we have a project, but it's not a priority," Musicco explains. "The storage systems sector is more interesting: integrated into the Piacenza solar plant linked to the Capitelli ham factory, we'll also build a battery to cover nighttime electricity consumption. We'll then evaluate expanding the storage fleet if the company converts its ham cooking ovens from gas to electric. These are interesting projects with high potential. As for utility-scale projects, designed to balance the national electricity system, we're working on a project in the early stages of development in Central-Southern Italy with the goal of participating in next year's MACSE ( the storage futures market ) auctions."

Italgen was founded in the early 1900s by the Pesenti family as a hydroelectric company dedicated to supplying energy to the group's cement plants. This historic holding became part of Italmobiliare's direct operations in 2016, following the sale of Italcementi to Heidelberg Materials. It then strategically divested its assets abroad to focus on Italy, subsequently investing in the creation of a remote plant control platform, focusing on automation and sensors, and building its own operations center in Villa di Serio (Bergamo). During a period of rising energy prices, it subsequently began supporting companies in decarbonization: since 2022, over 30 industrial clients, including L'Oréal and Wiit, have signed a PPA (power purchase agreement) with Italgen.