Peridot Solar, a portfolio company of British investment firm FitzWalter Capital, will seek to develop and build a combined 5 GW portfolio of solar projects in Italy and the UK by 2026 to help reduce Europe's reliance on Russian gas. The parent company said earlier that the startup already has more than 1 gigawatt of solar PV projects in the pipeline in the two countries, with plans to start construction work on a 180-megawatt plant in 2022.

In Italy, Peridot Solar plans to install a 120-megawatt PV park, while its UK plans to build a 60-megawatt plant. The exact location of the project and details of the required investment were not disclosed. Two 33-megawatt power plants in Lazio and Sardinia are about to start, and construction work on a 30-megawatt power plant in Fimesanto will begin in the coming weeks. Another 30-megawatt plant is expected to generate electricity in Carbonia in July.

The London-based company, which was set up to develop, build and operate European solar parks, pointed to investment in solar PV as a mainstay in tackling climate change issues and reliance on natural gas. General Manager Massimo Sapienza said: "Solar energy can reduce energy dependence on Russia in the short to medium term and generate clean energy. To take advantage of this opportunity and be part of the solution, it is necessary to develop projects across Europe ."Editor/XingWentao