Renewable Power Capital (RPC) and Altea Green Power have entered into a development partnership for 1GW of battery energy storage in Italy.
The development partnership, which is focused on ensuring strong involvement of local municipalities and local stakeholders, is aiming to achieve ready-to-build status for the pipeline in the next 2 to 4 years.
There is potential for expanding the cooperation beyond 1GW or into other technologies, RPC said.
Through this partnership, RPC adds a new jurisdiction to its fast-growing European storage pipeline – which now stands at more than 5.5GW.
This development deal follows RPC’s recent ready-to-build BESS investments in two other countries, having recently completed on 50MW in Finland and 57MW in the UK.
It forms part of RPC’s broader strategy to accelerate decarbonisation across Europe.
Ashurst and Fichter acted as legal and technical advisors, respectively, to RPC.
DLA and Green Dealflow acted as legal and transaction advisors, respectively, to Altea Green Power.
Kevin Devlin, chief executive at RPC, said: “This is an opportune time to enter the Italian storage market through a development partnership, given the interesting progress in the regulatory landscape and its significant growth potential.
“This deal once again reflects the strength of RPC’s approach to flexibly working with strong partners.
“We see the Italian storage sector as a strategic priority and we’re excited to be joining forces with such an experienced development partner as Altea Green Power.”
Giovanni Di Pascale, chief executive at Altea Green Power, said: “I am very pleased with this co-development agreement, as it adds another piece to our BESS Storage projects and significantly enhances our overall power capacity.
“Partnering with well-established international investors specializing in the renewable energy sector provides a strong impetus, prompting us to engage in ongoing dialogue and make significant improvements to our business practices.
“Additionally, the development of alternative energy and storage facilities serves as an important boost to our growth and know-how.
“We look to the future with confidence: the high margins of these projects paves the way for us to achieve the ambitious operating and financial performance targets we have set and outlined in the five-year plan.”