SUSI Partners, through its SUSI Energy Transition Fund (SETF), has expanded the scope of its Italian solar development platform to include battery storage projects.
ReFeel New Energy (RNE) has outpaced its initial targets and has over 750MW of battery energy storage system (BESS) capacity under development, of which 200MW is awaiting final authorisation to move into construction.
RNE, which was set up in early 2022 as a solar PV development platform within SETF, is led and co-owned by a highly experienced local management team with a 15-year track record as founders and managers of clean energy company ReFeel.
SUSI Partners said RNE now holds one of the most advanced BESS project portfolios in Italy.
The nascent buildout of BESS in Italy is mainly driven by the increasing share of intermittent renewable energy generation in the Italian electricity mix, which necessitates storage capacity to match supply and demand throughout the day.
Based on Italian renewables targets formulated as part of the European Union’s RePowerEU plan, which envision to more than double renewables capacity to 131GW by 2030, almost 20GW storage capacity will have to be brought online over the next six years.
With a supportive regulatory framework opening up revenue opportunities through capacity markets, price arbitrage, and the provision of ancillary services, Italy is deemed a highly attractive market for the greenfield development of BESS.