E Energy Invest (EEI) and FF Ventures have joined forces to develop a 2400MW battery energy storage portfolio in Spain, Portugal and Romania.
FF Ventures is a partner of Octopus Energy and specialises in the development of renewables, while EEI is an investment vehicle of the Strioga Family Foundation.
EEI and FF Ventures have established a strategic partnership through the Spanish BESS development platform FFNEV BESS.
The platform owns greenfield battery energy storage system (BESS) projects in Spain, Portugal, and Romania and aims to bring a 2.4GW portfolio to ready-to-build status across those European markets.
Through this transaction, EEI acquires a 49% stake in FFNEV BESS, while 51% will remain owned by FF Ventures.
The platform will look for further opportunities to add new projects to the current pipeline and explore the possibility of expanding into additional markets in the future.
Chief executive of FF Ventures Manuel Fernández de Castro (pictured) said: “This partnership with EEI marks an important step in accelerating the development of our BESS portfolio across Europe.
“By combining both parties’ technical expertise and know-how, as well as EEI’s investment capacity, we are well-positioned to bring these projects to life efficiently and sustainably.”
Chief executive of EEI Gediminas Uloza said the investment provided the company with strategic access to a BESS platform operating across key European markets and was fully aligned with the mission of the Strioga Family Foundation.
“We are confident that the combination of our expertise in developing and financing renewable energy initiatives and the proven track record of FF Ventures will establish a strong foundation for long-term value creation and a meaningful contribution to the energy transition,” he added.
Investment bank Finergreen acted as exclusive financial advisor to FF Ventures throughout the process, while Spanish law firm López-Ibor Mayor Abogados acted as legal advisor.
Gómez-Acebo & Pombo, a Spanish law company, and Stratulat Abulescu Attorneys, a Romanian law firm, acted as legal advisors to EEI.